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Write a 2-3 page paper explaining the three
major economic systems operating in the
global economic system and demonstrate how
each of the five factors of production relates to
each of the economic systems. Ensure the
following points are addressed.
o The three primary economic systems
must be defined.
The differences between the three
economic systems must be identified.
O
The five factors of production: labor,
capital, entrepreneurship, physical
resources and information resources
must be defined with examples.
• How the five factors of production relate
to each of the economic systems must be
explained.
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