Choicely financial definition of choicely
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choice
the necessity for
CENTRALLY PLANNED ECONOMIES
and
PRIVATE ENTERPRISE ECONOMIES
to have to choose which goods and services to produce and in what quantities, arising from the relative
SCARCITY
of economic resources (
FACTORS OF PRODUCTION
) available to produce those goods and services. See
ECONOMICS
,
PREFERENCES
.
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choicest
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Choimbol, Sonomyn
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