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    1. A subjective statement that carries value judgements.

    2. The wants and needs of society are endless but the resources to satisfy these are finite.

    3. A resource that will eventually run out.

    4. The process of transforming an entire economy away from a planned economic system and toward greater market-based organization.

    5. The inputs available to supply goods or services to the economy. eg. land, capital, enterprise and labour.