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Match each statement with its proper term. Select the number of the correct answer. Basic Economic Problems Managerial Economics Economics of a Business Economics Market

Match each statement with its proper term. Select the number of the correct answer.

Basic Economic Problems

Managerial Economics

Economics of a Business

Economics

Market Process

1.

Supply, demand and incentives allocate scarce resources and solve the problems of what, how and for whom

2.

The study of how buyers, sellers, producers and other agents make choices under conditions of scarcity

3.

Business decisions about the use of a firm's scarce resources that apply economics

4.

What goods and services should be produced and in what quantities? How should these goods and services be produced? For whom should these goods and services be produced?

5.

The key factors that affect the ability of firms to earn an acceptable rate of return on its owner's investment. The most important factors are competition, technology and customers.

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