Podcast
Questions and Answers
Which of the following is a primary producing unit in a market economy?
Which of the following is a primary producing unit in a market economy?
- Entrepreneur
- Household
- Firm (correct)
- Buyer
Who assumes the risks of a firm and turns a new idea or product into a successful business?
Who assumes the risks of a firm and turns a new idea or product into a successful business?
- Firm
- Entrepreneur (correct)
- Household
- Buyer
What do we call the consuming units in an economy?
What do we call the consuming units in an economy?
- Buyer
- Household (correct)
- Firm
- Entrepreneur
What does 'demand' refer to?
What does 'demand' refer to?
What are the characteristics of competitive markets?
What are the characteristics of competitive markets?