Test your knowledge of economics with this quiz! Explore concepts such as production, distribution, trade, consumption, scarce resources, culture, values, education, and technological evolution. See how well you understand the social domain of economy and its practices.

Created by

@ArdentForesight

Questions and Answers

What are the main factors that are involved in a given economy?

culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources

Who can be considered as economic agents?

individuals, businesses, organizations, or governments

When do economic transactions occur?

when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency

What is the general definition of an economy?

<p>an area of the production, distribution and trade, as well as consumption of goods and services</p> Signup and view all the answers

Explain the economic domain in the context of the text.

<p>the economic domain is a social domain of interrelated human practices and transactions that does not stand alone</p> Signup and view all the answers