ECONOMICS
INCENTIVES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The amount of money exchanged for goods or services.
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Something used to affect people’s behavior and choices.
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Money collected by the local, state, and federal governments.
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Money earned through employment.
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Detailed explanation-1: -price, the amount of money that has to be paid to acquire a given product. Insofar as the amount people are prepared to pay for a product represents its value, price is also a measure of value. It follows from the definition just stated that prices perform an economic function of major significance.
Detailed explanation-2: -Bartering is based on a simple concept: Two individuals negotiate to determine the relative value of their goods and services and offer them to one another in an even exchange.
Detailed explanation-3: -Definition: Price is the value that is put to a product or service and is the result of a complex set of calculations, research and understanding and risk taking ability. A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others.
Detailed explanation-4: -Price is the quantity of payment or compensation given to the opponent in return for goods or services. In modern economies, prices are generally expressed in units of some form of currency as exchange values.
Detailed explanation-5: -The correct option is D Gross Domestic Product (GDP) Gross Domestic Product is the monetary value of all goods and services produced in a country in a specific time period. It is a measure of a country’s economic growth.