Question
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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