Economic Systems Overview

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An economy is only concerned with the production and consumption of goods, not services.

Technological evolution is not a factor that influences an economy.

Economic transactions occur when two parties agree to the value of the transacted good or service, commonly expressed in a certain currency.

Monetary transactions account for the majority of the economic domain.

Economic activity is spurred by production which uses natural resources, labor, and capital.


Test your knowledge of economic systems with this quiz that covers the production, distribution, trade, and consumption of goods and services, as well as the social, cultural, and political factors that influence them.

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