Asked by
Verified
The circular-flow diagram represents the market for _____ and the market for _____.
A) goods and services;factors of production
B) households;firms
C) money;goods and services
D) factors of production;money
Circular-Flow Diagram
A graphical representation of the economic system illustrating the circulation of money between households and companies through various markets.
Market
A forum where buyers and sellers come together to exchange goods, services, or information.
Goods and Services
Goods and services encompass all the physical items and intangible benefits that are produced and consumed to satisfy human wants and needs.
- Attain knowledge about the circular-flow schematic of an economy and its key components.
- Illustrate the divergences between product markets and factor markets within the circular economic flow.
Verified Answer
Learning Objectives
- Attain knowledge about the circular-flow schematic of an economy and its key components.
- Illustrate the divergences between product markets and factor markets within the circular economic flow.
Related questions
The Simplest Circular-Flow Model Shows the Interaction Between Households and ...
The Circular-Flow Diagram Illustrates How Firms _____ Goods and Services ...
Which of the Following Is Sold in the Factor Market ...
Which Statement Is FALSE About the Circular-Flow Diagram ...
In the Circular-Flow Diagram,an Individual or a Group of People ...