BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In the circular flow of the economy, money is used to purchase goods and services. Goods and services flow through the economy in one direction while money flows in the opposite direction. The factors of production include land, labor, capital and entrepreneurship.

Detailed explanation-2: -Businesses sell goods and services in exchange for money, which in this case is called revenue. Businesses are buyers in the markets for resources. Businesses exchange the revenue earned in the market for goods and services to buy land, labor and capital in the market for resources.

Detailed explanation-3: -Consumers buy goods and services to satisfy their wants, and producers make goods and services.

Detailed explanation-4: -A producer is someone who creates and supplies goods or services. Producers combine labor and capital-called factor inputs-to create-that is, to output-something else. Business firms are the main examples of producers and are usually what economists have in mind when talking about producers.