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Questions and Answers
Which of the following best defines an economy?
Which of the following best defines an economy?
- A social domain of interrelated human practices and transactions
- A system of production and distribution of goods and services (correct)
- A set of processes that involve culture, education, and natural resources
- A social domain that emphasizes the use of scarce resources
What are the main factors that set the conditions for an economy to function?
What are the main factors that set the conditions for an economy to function?
- Culture, values, and education
- Technological evolution, history, and social organization
- Political structure, legal systems, and natural resources
- All of the above (correct)
Who can be economic agents in an economy?
Who can be economic agents in an economy?
- Only businesses and organizations
- Only individuals
- Only governments
- Individuals, businesses, organizations, and governments (correct)
