ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Resource Market, Stock Market, Factor Market, Fish Market
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Resource Market, House Market, Factor Market, Good Market
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Resource Market, Product Market, Households, Firms
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Resource Market, households, Stock Market, super market
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Detailed explanation-1: -This is the basic circular flow diagram.
Detailed explanation-2: -In economics, the circular flow diagram represents the organization of an economy in a simple economic model. This diagram contains, households, firms, markets for factors of production, and markets for goods and services.
Detailed explanation-3: -To summarize what we’ve talked about in this lesson: The circular flow model includes households, businesses, and governments and shows how money moves around in a simple market economy. The factors of production-land, labor, capital, and entrepreneurship-have prices that we call rent, wages and profit.
Detailed explanation-4: -The circular flow model shows the interaction between two groups of economic decision-makers-households and businesses-and two types of economic markets-the market for resources and the market for goods and services.