According to the Simple Circular-Flow Model, What Do Firms Buy

question 4

Multiple Choice

According to the simple circular-flow model, what do firms buy from households?

• A) natural resources, such as oil and minerals
• B) goods and services
• C) inventions and innovations
• D) labour

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Definitions:

Historically Marginalized

Refers to groups of people who have been systematically discriminated against or excluded from full participation in societal processes and institutions.

Black Americans

A term referring to Americans of African descent, emphasizing the distinct cultural and historical experiences of the African American community.

Self-Enhancing Bias

is the tendency to overestimate one's own abilities or attributes and view oneself in an overly favorable light.

Self-Comparison Bias

The tendency to make favorable comparisons between oneself and others, which can lead to an inflated sense of self-esteem or competence.