ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The concentration of the productive efforts of individuals and firms on a limited number of activities.
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Specialization
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Firm
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Profit
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Mixed Economy
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Explanation:
Detailed explanation-1: -Specialization is the concentration of the productive efforts of individuals and firms on a limited number of activities. In a free market economy, households and business firms use markets to exchange money and products. Households own the factors of production and consume goods and services.
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