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In the simple circular-flow diagram, who buys the factors of production
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- In the circular-flow diagram, which of the following do firms NOT do? a. use factors of production to produce output b. produce goods and services c. hire workers d. produce factors of productionIn the simple circular-flow diagram, who buys the factors of production? A) Households only B) Firms only C) Both households and firms D) Neither households nor firmsIn the circular-flow diagram, which of the following represents a factor market transaction? A) purchase of a new t.v. B) Expenditure on a new pair of pants. C) Payment for a haircut. D) Payment for raw materieals in the production of bikes.
- Why do you think the various factors of production is an important concept of economic in production?Illustrate using the circular flow model how resources are utilized by household and the business sectorIn a circular flow diagram which one of the follwing transactions happens in the market for goods and services and which one in the market for factors of production? A.) Selena pays a storekeeper $2 for a quart of milk- D.) Salma earns $1000 dividend from the stocks she has-
- OS consumer goods in terms of capital goods in Figure below?When we speak of "capital" in economics we mean? a. financial instruments like stocks and bonds b. goods used to produce more good c. only the cost of capital enviroment d. MoneyDraw a circular-flow diagram for a four-sector economy. Identify the each part of the model that correspond to the flow of inputs/resources/goods and services and the flow of rupees/expenditure/income/revenue/receipts.
