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In the circular flow model, firms own the economic resources and households buy the manufactured products and services. True or False
Firms and household are the two players in the circular flow model.
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- Draw the circular flow model and in your own words, discuss the operation of capitalism.In a circular flow model, the source of the factors of production used to create goods and services is... a) Product market b) Households c) Firms d) Foreign exchange marketIn the circular flow model, households are buyers and firms are sellers in the a. government market b. monetary flows c. goods and services market d. labor market
- Diagram the circular flow model. Describe and give examples of each of the participants in the economic system.Choose the best answers using the circular flow model. Households provide the resource market with________. - resources - land, labor, capital, and entrepreneurship - revenue - expenditures - goods and servicesExplain all three Circular flow economic models in one structure & what the complex model is adding to economy?
- Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. Kaleem pays a shopkeeper Rs.150 for a liter of milk. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. Sana spends Rs.500 on a haircut. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd.Draw and label the economic model.Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. Kaleem pays a shopkeeper Rs.150 for a liter of milk. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour.
- Islamic muamalat is based on the Islamic economic system. Analyze the features of Islamic economic system in contrast to the conventional economic theories.Identify the steps in a typical scientific study and compare with that involved in economic studies.The concept of the circular flow of economic activity illustrates the point that all economic activities are interdependent. a. True b. False
