Business economics quiz questions and answers

How does economics play a role in business?
It is of special importance to business students because businesses rely on economics for product research and development, marketing, purchase and resource allocation, and many other strategic decision-making strategies..
How is business related to economics?
Business relates to the economy in that businesses provide goods and services that drives or controls wealth of a region or country.
Thus, businesses keep the economy strong by providing the products and services that consumers purchase and invest in.
Business drives the economical cycle..

How do you define economics?

8 Economics is best defined as the study of how people, businesses, governments, and societies A Make choices to cope with scarcity

B Attain wealth C Choose abundance over scarcity

D Use their infinite resources

A The accounting cost minus the marginal benefit

B The highest-valued alternative forgone

C The monetary costs of an activity

What is microeconomics in economics?

Microeconomics is the study of economic behavior and decision-making of small units, such as individuals, families, and businesses

It focuses on analyzing how these units make choices regarding the allocation of resources and the impacts of these choices on prices, production, and consumption

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Business economics quiz questions and answers

How does economics play a role in business?

How is business related to economics?

How do you define economics?

What is microeconomics in economics?