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Discuss the factors that contributed to the collapse of centrally planned economies.
Firms
Business entities that produce goods or services, usually with the aim of making a profit.
Hired Workers
Individuals employed by others or companies to perform specific tasks or services in exchange for wages or salary.
Economic Resources
Assets or inputs, including land, labor, capital, and entrepreneurship, that are used in the production of goods and services.
Costs
Expenses incurred in the production of goods or services, including materials, labor, and overhead expenses.
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