5 Questions
Which of the following is a primary producing unit in a market economy?
Firm
Who assumes the risks of a firm and turns a new idea or product into a successful business?
Entrepreneur
What do we call the consuming units in an economy?
Household
What does 'demand' refer to?
The amount of goods or services consumers are willing and able to purchase at each price
What are the characteristics of competitive markets?
Identical goods or services
Test your knowledge on the basic decision-making units in microeconomics! This quiz covers topics such as firms, entrepreneurs, and households in relation to resource transformation, product creation, and consumption. Sharpen your understanding of demand analysis with this insightful quiz.
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