BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The price of goods
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The price of services
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The price of economy resources
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All of the above
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Detailed explanation-1: -Microeconomic theories through a free-enterprise economy determine how the price of economic resources. In production theory, the quantity and the quality of raw materials used in a business production process are determined.
Detailed explanation-2: -Free enterprise, or the free market, refers to an economy where the market determines prices, products, and services rather than the government. Businesses and services are free of government control.
Detailed explanation-3: -Microeconomics concerns decision-making by individuals and small groups, such as families, clubs, firms, and governmental agencies. As the famous quote from Lord Robbins at the beginning of the chapter says, microeconomics is the study of how scarce resources are allocated among competing ends.
Detailed explanation-4: -Micro economics deals with the study of economics from the view point of an individual unit.