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A(n ____ Property Is a Characteristic of a System That

question 39

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a(n. ____ property is a characteristic of a system that does not appear in any of its component parts.


Definitions:

Factor Market

A marketplace where factors of production (land, labor, capital, entrepreneurship) are bought and sold, affecting the prices and allocation of these resources.

Resource

Anything, such as land, labor, and capital, that can be used to produce something else; includes natural resources (from the physical environment) and human resources (labor, skill, intelligence).

Circular-Flow Diagram

A visual model that depicts how goods, services, and money move through an economy, illustrating the interactions between households and firms.

Sector

A distinct subset of a market, economy, or field of operation, often categorized by similar characteristics or types of economic activity.

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