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Questions and Answers
Which term best describes an economy?
Which term best describes an economy?
- A social domain that emphasizes the practices of scarce resources
- A social domain of interrelated human practices and transactions
- A system of producing and distributing goods and services (correct)
- A set of processes that involve culture and natural resources
Who can be considered as economic agents?
Who can be considered as economic agents?
- Individuals, businesses, and organizations (correct)
- Governments and individuals
- Organizations and governments
- All of the above
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 and history
- Social organization and political structure
- All of the above (correct)
When do economic transactions occur?
When do economic transactions occur?
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What is the definition of an economy?
What is the definition of an economy?
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