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14 questions
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- Multiple ChoicePlease save your changes before editing any questions.
Point B represents
Product Market
Factor Market
Individuals
Businesses
- Multiple ChoicePlease save your changes before editing any questions.
What does point A represent on the Circular flow diagram?
Households
Businesses
Factor Market
Product Market
- Multiple ChoicePlease save your changes before editing any questions.
Where are factors of production (land, labor, etc) exchanged in the circular flow model?
Factor Market
Product Market
Firms
Individuals
- Multiple ChoicePlease save your changes before editing any questions.
What does point C represent on the Circular Flow diagram?
Firm
Factor Market
Individual
Product Market
- Multiple ChoicePlease save your changes before editing any questions.
A person stocks shelves at a grocery store and receives a wage. They have completed an exchange in which part of the circular flow model?
Individuals
Businesss
Factor Market
Product Market
- Multiple ChoicePlease save your changes before editing any questions.
Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circuclar flow model?
Product Market
Factor Market
Firms
Individuals
- Multiple ChoicePlease save your changes before editing any questions.
Money exchanged between businesses and individuals for labor.
wages
revenue
spending
profit
- Multiple ChoicePlease save your changes before editing any questions.
Money exchanged between an individual and a store for a good or service.
Revenue
Wages
Rent
Donation
- Multiple ChoicePlease save your changes before editing any questions.What is being represented by the "red flow line"The flow of moneyThe flow of goods and servicesTaxesProductive resources
- Multiple ChoicePlease save your changes before editing any questions.In the circular flow model, what do individuals sell to the factor marketServicesMoneyProductive Resourcesgoods
- Multiple ChoicePlease save your changes before editing any questions.What do businesses provide for consumers according to the circular flow model?goods and servicesonly goodsonly servicestaxes
- Multiple ChoicePlease save your changes before editing any questions.
The circular flow is made up of a continuous interaction of which three groups?
Workers, government and transportation
Homeowners, business owners, car dealers
Factories, farmers, and workers
Households, government, and businesses
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is a worker?
Land
Labor
Capital
Entrepreneurship
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following describes a machine used to produce a product?
Land
Labor
Capital
Entrepreneurship