- Study guides, Revision notes & Summaries

Market/capitalist economy vs command/socialist economy - CORRECT ANSWERresources are generally owned by private individuals who have the power to make decisions about their use Government is the primary owner of capital and natural resources and has broad power to allocate the use of factors of production Law of Increasing opportunity cost - CORRECT ANSWER-scarce resources used for one purpose cannot be used for another. Some resources are better at producing one thing vs something else E...