6 Questions
What is the main factor that influences prices in an economic system?
Consumer preferences
Which term refers to the mechanism that determines prices in an economic system?
Supply and demand
Which of the following is NOT a determinant of prices in an economic system?
Climate change
Which term refers to the mechanism that determines prices in an economic system?
Supply and demand
What are the main factors that influence prices in an economic system?
All of the above
What is the relationship between supply and demand in determining prices?
Supply and demand directly determine prices
Test your knowledge about the mechanism that determines prices in an economic system and the factors that influence them. Identify the key term, understand the main factor, and discover what does not affect prices.
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