ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A method used by a society to allocate goods and services among its people and to cope with scarcity.
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The government controls the production, allocation, and prices of goods and services.
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A social science concerned with how people satisfy their demands for goods and services when the supply of those things are limited.
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Operates to serve the good of society.
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Detailed explanation-1: -Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.
Detailed explanation-2: -Economics involves the study of how people choose to use the limited resources of land, capital, labor, and entrepreneurship-known as factors of production (that might have alternative uses)-to produce all the goods and services and distribute them to the people for consumption.
Detailed explanation-3: -Economics is a social science that studies how people satisfy their unlimited wants by carefully managing and using their limited resources. Economic principles are a set of rules or concepts that govern how people satisfy their unlimited wants with their limited resources.
Detailed explanation-4: -Economics is the social science that analyzes the production, distribution, and consumption of goods and services.