Refer to the Circular Flow Model of the Economy

question 27

Multiple Choice

Refer to the circular flow model of the economy.In the diagram flow (3) represents:

• A)wage, rent, interest, and profit income.
• B)land, labour, capital, and entrepreneurial ability.
• C)goods and services.
• D)consumer expenditures.

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Definitions:

Contract Provisions

Specific stipulations or conditions outlined within a contract that dictate the terms, responsibilities, and obligations of the parties involved.

Rules-based Approach

A method for decision-making and governance that strictly follows established regulations, procedures, and standards to ensure consistency, fairness, and compliance.

Workplace Justice

The fairness in the way employees are treated in the workplace, including aspects like compensation, working conditions, and dispute resolution.

Job Rights

Legal or ethical entitlements related to employment, including the rights to fair labor practices, safe working conditions, and freedom from discrimination.