5 Questions
What is an economy?
An economy is an area of the production, distribution and trade, as well as consumption of goods and services.
What are the main factors involved in a given economy?
The main factors involved in a given economy are culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources.
When do economic transactions occur?
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.
Who can be economic agents?
Economic agents can be individuals, businesses, organizations, or governments.
What spurs economic activity?
Economic activity is spurred by production which uses natural resources, labor, and capital.
Test your knowledge on the fundamentals of economy with this quiz. Explore the concepts of production, distribution, trade, and consumption of goods and services, as well as the management of scarce resources.
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