Some examples from this set of practice questions
1.
What are the four factors of production?
Answer: 1. Natural Resources (Commodities) 2. Labor (Human Resources) 3. Capital 4. Knowledge
2.
What are the economic factors that shape how a business operates and influences the business environment?
Answer: 1. Economic 2. Political and Legal 3. Demographic 4. Social 5. Competitive 6. Global 7. Technological
3.
The point at which the supply and the demand curve intersects is called?
Answer: The Equilibrium
4.
____ and ____ set the markets\' price and level of production?
Answer: Supply, Demand
5.
How does the monetary and fiscal policy help achieve macroeconomic goals?
Answer: By controlling the amount of money in circulation and the amount of that money that business have available to spend
6.
Here are some helpful links to look into for information ;)
Answer: - https://evonomics.com/why-are-some-countries-poor-and-others-rich/ - https://stripe.com/
7.
Businesses may offer goods or _______.
Answer: Services
8.
Profit can be defined as _______.
Answer: revenue minus costs
9.
Two factors businesses contribute to are the standard of _______ and quality of _______.
Answer: living, life
10.
Why is a risk an important factor to consider for a business?
Answer: Risks may result in business failure or potentially high rewards.
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