Economics Fundamentals Quiz

An economy is an area of production, distribution, trade, and consumption of goods and services. It encompasses culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors.

Economic transactions occur when two groups or parties agree on the value or price of a transacted good or service, commonly expressed in a certain currency.

Economic agents are individuals, businesses, organizations, or governments. Examples of economic agents include households, corporations, non-profit organizations, and the government.

<p>Economic transactions occur to facilitate the exchange of goods and services between individuals, businesses, organizations, or governments in order to meet their needs and wants.</p> Signup and view all the answers

<p>The main factors that influence an economy include culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources.</p> Signup and view all the answers