Economic Systems Quiz

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Questions and Answers

What does an economy encompass?

Trade and services only
Production, distribution, trade, and consumption of goods and services (correct)
Distribution and trade of goods only
Production and consumption of goods only

What are the main factors involved in a given economy?

Culture, values, education, technological evolution, history (correct)
Values, history, education, social organization
Education, social organization, legal systems, natural resources
Culture, values, technological evolution, political structure

Who can be economic agents in an economy?

Individuals, organizations, communities, banks
Individuals, businesses, organizations, governments (correct)
Organizations, governments, banks, individuals
Governments, communities, banks, businesses

When do economic transactions occur?

When two groups or parties agree to the value or price of the transacted good or service (D) Signup and view all the answers

What does the economic domain represent?

A social domain of interrelated human practices and transactions (B) Signup and view all the answers

What does an economy emphasize?

The practices, discourses, and material expressions associated with the production, use, and management of scarce resources (A) Signup and view all the answers

What are the main factors that involve a given economy?

Culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources (D) Signup and view all the answers