Types of Economies, Circular Flow, Characteristics of a Market E

What does the term "Domestic" refer to in economics?

• International trade

• Activities within a country

• Foreign investments

• Global markets

What is the meaning of "Laissez-Faire" in economic terms?

• Government intervention in markets

• Hands-off approach by the government

• High taxation policy

• Centralized economic planning

Who are "Capitalists" in an economic context?

• People who work in factories

• Individuals who invest in businesses

• Government officials

• Consumers of goods

What does "Macroeconomics" study?

• Individual consumer behavior

• Small businesses

• The economy as a whole

• Specific industries

What is the focus of "Microeconomics"?

• National economic policies

• Individual and business decisions

• Global trade

• Government spending

What does "Supply" refer to in economics?

• The desire to purchase goods

• The amount of goods available

• The cost of production

• The quality of goods

What is "Demand" in economic terms?

• The cost of goods

• The desire and ability to purchase goods

• The production of goods

• The supply of goods

What does "Scarcity" mean in economics?

• Unlimited resources

• Limited resources and unlimited wants

• Abundance of goods

• Excess supply

What are "Markets" in the context of economics?

• Places where goods are stored

• Locations where goods and services are exchanged

• Government offices

• Financial institutions

What does "Gross" refer to in economic terms?

• Net profit

• Total before deductions

• Clean and tidy

• After taxes