Economy Overview
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Questions and Answers

What is an economy defined as?

  • A domain of interrelated human practices and transactions
  • A set of processes involving culture, values, education, and natural resources
  • A social domain emphasizing material expressions associated with scarce resources
  • An area of production, distribution, trade, and consumption of goods and services (correct)
  • Who can be economic agents?

  • Only organizations and governments
  • Only businesses and governments
  • Individuals, businesses, organizations, or governments (correct)
  • Only individuals and businesses
  • What spurs economic activity?

  • Monetary transactions in a certain currency
  • Social organization and political structure
  • Technological evolution and history
  • Production using natural resources, labor, and capital (correct)
  • What are the main factors involved in a given economy?

    <p>Culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources</p> Signup and view all the answers

    What are the changes in industrial relations mentioned in the text?

    <p>Child labor being replaced in some parts of the world with universal access to education</p> Signup and view all the answers

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