Asked by
Indira Beresford
on Oct 26, 2024
Verified
In the simplest circular-flow model,households supply _____ and demand _____.
A) capital;barter
B) wages and income;capital markets
C) factors of production;goods and services
D) firms;markets
Factors of Production
The resources utilized in the production of goods and services, traditionally categorized into land, labor, and capital.
Circular-Flow Model
A model that illustrates the movement of resources and money between firms and households in an economy.
Capital
Wealth in the form of money or other assets owned or employed in business by an individual, firm, or country.
- Familiarize yourself with the circular-flow architecture of an economy and its various parts.
Verified Answer
KS
Learning Objectives
- Familiarize yourself with the circular-flow architecture of an economy and its various parts.
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