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Resource Allocation and Economic Systems

A society's economic system is its way of allocating scarce resources. The fundamental issue in economics is scarcity: the fact we have unlimited wants we are trying to satisfy with limited resources. Given this fundamental economic problem, how we allocate resources is extremely important. Basically, should we have government (a centralized process) allocating resources or should we allow markets allocate resources. Or, should we maybe have some type of mixed model. This video is made for 1st year college students or AP/IB Economics students. It focuses on foundational economic concepts.