The natural environment is_________________?
Correct answer: B. the totality of natural conditions and resources that occur in a specific area
- A. the way humans found the earth
- B. the totality of natural conditions and resources that occur in a specific area
- C. the total complex of manmade elements in an area
- D. mountains oceans rivers and deserts
Explanation
The natural environment means the complete set of naturally occurring conditions and resources in a particular area, such as climate, soil, water, plants and minerals. Mountains, oceans, rivers and deserts are only examples, not the full definition.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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