What is the difference between revenue and profit?

• Revenue is the total income, while profit is the total income minus expenses.

• Revenue is the total expenses, while profit is the total income.

• Revenue and profit are the same.

• Profit is calculated before taxes, while revenue is calculated after taxes.

Which of the following is NOT one of the five factors of production?

• Capital

• Labor

• Marketing

• Land

Which factor of production is most crucial for creating wealth?

• Entrepreneurship

• Capital

• Labor

• Natural Resources

What does the term 'standard of living' refer to?

• The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area.

• The average income of a country.

• The quality of health services available to individuals.

• The rate of employment in a country.

What is the primary difference between the B2B and B2C markets?

• B2B involves business transactions between businesses, while B2C involves transactions between businesses and consumers.

• B2B is more focused on customer service, while B2C is focused on product quality.

• B2B markets sell services only, while B2C markets sell products only.

• There is no significant difference; both market types operate similarly.

Who is considered the father of modern economics?

• John Maynard Keynes

• Milton Friedman

• Adam Smith

• Karl Marx

What is the concept of the 'invisible hand' in economics?

• The regulation of the economy by the government.

• The unintended social benefits of individual actions.

• The visible impact of economic policies on society.

• The manipulation of the market by monopolies.

What defines capitalism?

• An economic system where trade and industry are controlled by private owners for profit.

• An economic system where the means of production are owned by the state.

• An economic system based on the principles of barter and trade.

• An economic system where goods are shared equally among the population.

What are the advantages and disadvantages of capitalism?

• Efficiency and innovation vs. income inequality and monopolies

• Central planning and equality vs. inefficiency and corruption

• Government control and welfare vs. high taxes and slow growth

• Free trade and global cooperation vs. cultural homogenization and job losses

What is socialism?

• An economic system where trade and industry are controlled by private owners

• An economic system where the means of production are owned and controlled by the state

• An economic system based on the principle of free market and competition

• An economic system where resources are allocated through inheritance and tradition