Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the main factor that influences prices in an economic system?
What is the main factor that influences prices in an economic system?
- Technological advancements
- Consumer preferences (correct)
- Exchange rates
- Government regulations
Which term refers to the mechanism that determines prices in an economic system?
Which term refers to the mechanism that determines prices in an economic system?
- Market equilibrium
- Supply and demand (correct)
- Gross domestic product
- Inflation rate
Which of the following is NOT a determinant of prices in an economic system?
Which of the following is NOT a determinant of prices in an economic system?
- Production costs
- Competition
- Climate change (correct)
- Government policies
Which term refers to the mechanism that determines prices in an economic system?
Which term refers to the mechanism that determines prices in an economic system?
Signup and view all the answers
What are the main factors that influence prices in an economic system?
What are the main factors that influence prices in an economic system?
Signup and view all the answers
What is the relationship between supply and demand in determining prices?
What is the relationship between supply and demand in determining prices?
Signup and view all the answers
Flashcards are hidden until you start studying
