Economics Concepts Quiz

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Questions and Answers

What does an economy emphasize?

Production, distribution, trade, and consumption of goods and services (correct)
Monetary transactions and currency exchange
Cultural practices and discourses
Technological evolution and history

What spurs economic activity?

Production using natural resources, labor, and capital (correct)
Industrial relations and child labor replacement
Monetary transactions and currency exchange
Technological innovation and expanding markets

What are the main factors that involve a given economy?

Industrial relations, niche markets, and universal access to education
Monetary transactions, currency exchange, and technological innovation
Culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources (correct)
Labor, capital, and monetary transactions

Who can be economic agents?

Individuals, businesses, organizations, or governments (B) Signup and view all the answers

What does the economic domain consist of?

Interrelated human practices and transactions (B) Signup and view all the answers

What are the factors that give context and set the conditions for an economy to function?

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

Who can be economic agents?

Individuals, businesses, organizations, or governments. Signup and view all the answers

What are the common forms of economic transactions?

Economic transactions commonly occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. Signup and view all the answers

What spurs economic activity?

Production, which uses natural resources, labor, and capital. Signup and view all the answers

What are some of the changes that have influenced economic activity over time?

Technology, innovation, and changes in industrial relations, such as the replacement of child labor with universal access to education in some parts of the world. Signup and view all the answers

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