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Questions and Answers
What is an economy?
What is an economy?
An economy is an area of the production, distribution and trade, as well as consumption of goods and services.
What are the main factors involved in a given economy?
What are the main factors involved in a given economy?
Culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources are the main factors involved in a given economy.
Who can be economic agents?
Who can be economic agents?
Economic agents can be individuals, businesses, organizations, or governments.
When do economic transactions occur?
When do economic transactions occur?
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What does the economic domain represent?
What does the economic domain represent?
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