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Participating in a step aerobics class on Monday, a spinning class on Wednesday, and lap swimming on Friday is an example of which training technique for endurance?
Collective Decision-Making
The use of the political process (voting, taxes, government spending, regulation, political bargaining, lobbying, and so on) to make decisions and allocate resources. In a democratic setting, the votes of citizens and their representatives will determine the actions undertaken.
Basic Economic Questions
Fundamental questions that every economic system must address: What to produce, how to produce, and for whom to produce.
Private-Property Rights
Legal provisions that allow individuals to own, control, and benefit from property such as land, buildings, or intellectual property.
Competitive Economic Behavior
Actions exhibited by businesses or individuals in an attempt to achieve a market advantage, often through price, quality, and service.
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