Possible questions on the midterm: what are some of the things that characterise a business, distinguish the difference between a business and an organization, define liberalism. The study of how people produce the things they need and want. Depending on the resources that are supplied in abundant, that is what the country will invest in. Majority of the university students wouldn"t be present if the government did not value education and educated individuals: they believe that these educated individuals will impact the economy and bring money into the system. Some countries, it is accepted that the decisions about certain things are hugelty decided upon by the government. When the government gets involved and has a big role, it is called a planned economic system. Other countries, the government creates laws and lets individuals (entrepreneurs) make the decisions. State = means a country, its people and its territory. On the more permanent side of things.