ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the flow of goods and services within a community
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the flow of goods and services in international trade
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an economic system based on foreign exchange rates
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an economic system dominated by non-profit organizations
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Detailed explanation-1: -Local economies refer to economic and social systems that are part of a specific community. For example, a typical local economy may have residents who dine at a local independent restaurant. The restaurant employs residents from the community and buys goods and services from other local businesses.
Detailed explanation-2: -According to economic theory, consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also consume goods and services in the course of producing other goods and services (see: Distribution: Channels and intermediaries).
Detailed explanation-3: -A good local economy is one where there are strong networks across the of public, commercial and social sectors. Networks and leadership which stewards investment, so that it brings a range of economic, social and environmental benefits.
Detailed explanation-4: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.