Question

what is private enterprise in an economic context?
government ownership and operation of businesses
private individuals or groups own and operate the means of production
public sector control over major industries
cooperative ownership in communal services
question 11
what does a circular flow diagram illustrate in economics?
the production of goods within a single company
the economy as consisting of households and firms interacting in markets
the interaction between government and international markets
the flow of capital in financial institutions
question 12
what does scarcity in economics refer to?
human wants for goods and services exceed the available supply
resource availability is unlimited
economic needs do not exist
available resources exactly meet human wants

Explanation:

In economics, private enterprise means private - owned production. Circular - flow shows household - firm interaction. Scarcity is when wants exceed supply.

Answer:

What is private enterprise in an economic context?
B. Private individuals or groups own and operate the means of production

What does a circular flow diagram illustrate in economics?
B. The economy as consisting of households and firms interacting in markets

What does scarcity in economics refer to?
A. Human wants for goods and services exceed the available supply