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Questions and Answers
What are the main factors that give context and set the conditions for an economy to function?
What are the main factors that give context and set the conditions for an economy to function?
- Monetary transactions, labor, and capital
- Innovation, expanding markets, diversification of markets, niche markets
- Culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources (correct)
- Production, distribution, trade, and consumption of goods and services
What spurs economic activity by using natural resources, labor and capital?
What spurs economic activity by using natural resources, labor and capital?
- Monetary transactions
- Innovation
- Distribution
- Production (correct)
Who can be considered as economic agents?
Who can be considered as economic agents?
- Individuals, businesses, organizations, or governments (correct)
- Educational institutions only
- Monetary institutions only
- International organizations only
What are the common expressions for the value or price of transacted goods or services?
What are the common expressions for the value or price of transacted goods or services?
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What has changed over time due to technology and innovation in the economic domain?
What has changed over time due to technology and innovation in the economic domain?
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