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Determine the type of economic system

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Reference no: EM131191824

Follow instructions and answer the following questions:

1. Explain the link between scarcity, choice and the production possibility curve. In your answer includes a description of the three concepts in your own words (300 words maximum).

2. Outline the major factors that determine the type of economic system existing in a country. Based on the factors you noted above, describe the principal differences between the Australian economy and the Chinese economy (300 words maximum).

Reference no: EM131191824

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