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Ap Human Geography Chapter 9 Study Guide

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• Economic System
– A nation’s system for allocating its resources among its citizens, both individuals and organizations
– Factors of Production
– Land
– Labour
– Capital
– Entrepreneurs
– Physical resources
– Information resources

There are basically four types of economic systems:

1) Market economy-
An economic system in which individuals own and operate different factions of production.
Examples: Free Enterprise & Capitalism
Individual producers must figure out how to plan, organise and coordinate the production of products and services.
In a market economy, resources are allocated through individual decision making.
In a free market country, people can own their business and property and they can also buy services for private

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