Economy Overview Quiz

Technological evolution = Shapes production processes Social organization = Affects distribution and trade Legal systems = Defines parameters for economic activities Natural resources = Provides materials for production

Individuals = Participate in economic transactions Businesses = Engage in production and trade Organizations = Contribute to economic activities Governments = Regulate and influence economic policies

Technology innovation = Expands markets and revenue functions Changes in industrial relations = Affects labor practices and education access Diversification of markets = Creates niche markets Expansion of markets = Increases opportunities for trade

<p>Production = Utilizes natural resources, labor, and capital Consumption = Use of goods and services Trade = Exchange of goods and services Monetary transactions = Value or price agreement expressed in currency</p> Signup and view all the answers

<p>Social domain = Interrelated human practices and transactions Monetary transactions = Only a small part of the economic domain Economic activity = Spurred by production using resources and labor Economic agents = Can be individuals, businesses, organizations, or governments</p> Signup and view all the answers