1.1 In an economy, what determines the market price and quantity of a good or service? 1.2 Which participant in the economy is responsible for acquiring raw materials, labor, and c... 1.1 In an economy, what determines the market price and quantity of a good or service? 1.2 Which participant in the economy is responsible for acquiring raw materials, labor, and capital for the production process? 1.3 How does the political environment influence economic activity? 1.4 What is the primary factor that influences the interdependence between economic activity and the technological environment?
Understand the Problem
The question involves selecting correct answers regarding economic principles and participant roles within an economy. It covers concepts such as market price determination, responsibilities of economic participants, the influence of the political environment, and the relationship between economic activity and technological advancements.
Answer
1.1 C, 1.2 C, 1.3 C, 1.4 C
1.1 C, 1.2 C, 1.3 C, 1.4 C
Answer for screen readers
1.1 C, 1.2 C, 1.3 C, 1.4 C
More Information
Market prices and quantities are primarily determined by supply and demand. Businesses are the participants that acquire resources for production. Political policies influence economic activity, while technological advancements are crucial in the economy's interaction with technology.
Tips
Be careful not to assume government has direct control over market prices, as it's largely influenced by market forces.
Sources
- What Is a Market Economy and How Does It Work? - Investopedia - investopedia.com
- What Are the Four Factors of Production? - Wichita State University - wichita.edu
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