Question
(3) Economists provide _________and forecasting to inform decisions within companies and governments. This knowledge of economics - or economic intelligence - is based on data
(3) Economists provide _________and forecasting to inform decisions within companies and governments. This knowledge of economics - or economic intelligence - is based on data and modelling. (4) Moving workers may be necessary to fulfill _________economic plans created by central planners. These long-term plans are a key part of command economies - such as the five-year plans adopted in the Soviet Union. (5)A _________economic system is where the means of production is owned and controlled by private enterprise rather than the government. (6) Under a ___________economic system, central powers own the means of production, so can, therefore, shift it to where they see fit.
(7) When consumers demand goods, it sends a signal to businesses for them to produce more. Equally, when demand for goods falls, it sends a signal to businesses to produce less. This in turn forces the business to offer ________products that consumers may desire instead.
(8) Private _____________can arise and over-charge consumers and provide low-quality goods. On the other hand, it can be argued that the capitalist system is self-regulating over the long term.
(9)A ___________economic system often has some level of private ownership of the means of production.
(10) If the ______________level is on the curve, the country can only produce more of one good if it produces less of some other good.
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