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Economics - 26/09/03 Q1) Describe what is meant by an 'economic system' An economy is a system to allocate resources there is a basic economic problem - there is scarcity to resources and wants are unlimited: There are 3 scopes to allocation: * What products is to be produced * For who it is meant to be focused at * How is this meant to be produced Economic systems are difficult networks of individuals, organisations, and their social and legal interrelationships. The 'actors' in an economic system are as followed: Individuals - they can be consumers or producers that might own factors of production which they supply for production purposes. Groups - trade unions, charities, political parties and families are just some of the type of groups you might find in an economic system. Government - The main thing that a government will try to do is to cut power from businesses, the scale at which this is set...

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