Economics Essentials Quiz

Individuals, businesses, organizations, or governments can be economic agents involved in economic transactions.

Culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources are the main factors involved in a given economy's set of processes.

Economic activity is spurred by production, which uses natural resources, labor, and capital.

<p>The practices, discourses, and material expressions associated with the production, use, and management of scarce resources are emphasized in an economy's social domain.</p> Signup and view all the answers

<p>Technology, innovation (new products, services, processes, expanding markets, diversification of markets, niche markets, increases revenue functions), and changes in industrial relations, notably the replacement of child labor in some parts of the world with universal access to education, have impacted economic activity over time.</p> Signup and view all the answers

<p>Absolute poverty compares income against the amount needed to meet basic personal needs, while relative poverty measures a person's living standards compared to others in the same time and place.</p> Signup and view all the answers

<p>10%</p> Signup and view all the answers

<p>They frequently do not gain an adequate share of their countries' increased wealth to leave poverty.</p> Signup and view all the answers

<p>Electrification in rural areas and housing first policies in urban areas.</p> Signup and view all the answers

<p>More than 40%</p> Signup and view all the answers