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A Nation's Economic System Is Its System for Allocating Its

question 23

Essay

A nation's economic system is its system for allocating its resources among its citizens,both individuals and organizations.Explain how the three economic systems allocate their resources.


Definitions:

Positive Feedback

A process in which the effects of a small disturbance on a system include an increase in the magnitude of the perturbation.

Feedback

Information given to individuals or groups about their performance, with the aim of improving future performance or understanding.

Achieving Goal

The process of setting, pursuing, and attaining objectives or desired outcomes.

Force-Field Analysis

A technique used to identify, discuss, and evaluate the various forces for and against a proposed change.

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