Economics Quiz

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What are the main factors involved in a given economy?

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

What is an economy?

An economy is an area of the production, distribution and trade, as well as consumption of goods and services.

Who can be economic agents?

Individuals, businesses, organizations, or governments.

When do economic transactions occur?

<p>When two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency.</p> Signup and view all the answers

What is the economic domain?

<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