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PlayersGoalExamples ConsumersMaximize personal utility mccoy/514093/billionaire.jhtml#id= FGsZo-4 BusinessesMaximize long-run profit rtune/1004/gallery.fortune500_moneylo sers.fortune/index.html GovernmentMaximize social welfare ment/Federal_Unemployment_Insurance Extensions.htm

 How much should the economy produce? It depends on the resources it has available The resources are land, labor, capital and entrepreneurial spirit Production possibility curves – using resources efficiently and understanding the trade-off between producing item 1 versus item 2

 The Theory of Comparative Advantage  A society should produce goods and services that compliment its competitive edge.

On the arable land, which is only 11% of Japan's total land area, the population density is among the highest in the world. 145,833 sq mi in Japan – 15,000 square miles of farmable land 9,600,000 square acres Census of Agriculture Contact NASS Customer Service, , 2002 and 2007 Census of Agriculture Approximate total land area (acres) 2,262,462,0202,263,960,5012,260,994,361 Total farmland (acres) 954,752,502938,279,056922,095,840 Percent of total land area 42.2%41.4%40.8% Cropland (acres)445,324,765434,164,946406,424,909 Percent of total farmland 46.6%46.3%44.1% Percent irrigated11.5%11.6%12.7%

 By the most efficient companies.  Sometimes by the government.

YEARBOT 20MID 20TOP 20TOP , , , , ,

CountryAgricultureIndustryService United States 0.9%20.4%78.6% South Korea3.3%40.7%56% Indonesia13.1 %46%41%

Command governments determines prices and quantities produced Capitalistic free market interaction between buyers and sells determines prices and quantities produced Mixed a mix where in some markets the government is a buyer, regulator, or producer.  Even with a free market capitalist system there are times when the system does not operate in a manner that best suits the overall population. These occurrences are known as free market breakdowns. Some of these free market breakdowns are on the “Free Market Breakdown” page on the website.

 8/03/government-spending-as- percentage-of.html 8/03/government-spending-as- percentage-of.html   king.aspx king.aspx Government percent of overall spending

 Free Market Breakdowns