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Add to cartWhat is the definition of economy?
Economy refers to the system of production, distribution, and consumption of goods and services in a particular region or country.
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What are the three main economic systems?
The three main economic systems are capitalism, socialism, and communism.
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What is capitalism?
Capitalism is an economic system where private individuals or businesses own and control the means of production and operate for profit.
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What is socialism?
Socialism is an economic system where the means of production are owned and controlled by the state or the community as a whole.
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What is communism?
Communism is a political and economic ideology where the means of production are owned and controlled by the community as a whole, with no private ownership.
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What is inflation?
Inflation refers to the sustained increase in the general price level of goods and services in an economy over time.
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What causes inflation?
Inflation can be caused by factors such as excessive money supply, increased production costs, or high demand for goods and services.
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What is deflation?
Deflation is the opposite of inflation and refers to a sustained decrease in the general price level of goods and services in an economy over time.
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Create quizThese questions cover various topics related to the economy, including economic systems, inflation, unemployment, and more. Test your knowledge and deepen your understanding of the economy with these practice questions.
32 questions
English
07-13-2023
University / Cambridge University / A Level Economics / Business