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Understanding Economic Activity Quiz

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1. What is the primary purpose of economic activity?

2. What is GDP (Gross Domestic Product)?

3. What is the difference between a consumer and a producer?

4. What does the concept of 'supply and demand' refer to in economics?

5. Which of the following best defines an economy?

6. What does the term 'economic system' refer to?

7. What is the Law of Demand in economics?

8. What is meant by 'economic development'?

9. What is a 'market' in economic terms?

10. In economics, what does the term 'inflation' refer to?