Economics-final exam Quiz

Production is a process that involves converting ________ into goods or services.

The four factors of production include land, labour, capital, and ________.

Specialisation is the production of a limited range of goods by ________, firms, regions, or countries.

Complementary goods are purchased together because they are ________ together.

As income increases, people buy more ________ goods. As income increases, people buy less ________ goods.

Larger companies can produce at a lower average cost than smaller companies due to ________ of scale.

In the context of business growth, ________ economies occur when the market or industry grows, benefiting all businesses within it.

One of the internal economies of scale is the ability to purchase goods in large quantities at a lower cost per unit, known as ________ economics.

In competitive markets, firms are ________ and have low barriers to entry.

A key aspect of innovation in competitive markets is ________ differentiation, where firms attempt to distinguish their products from rivals.