According to the Circular Flow Model, the Value of the Household

question 91

Multiple Choice

According to the circular flow model, the value of the household sector and the value of the business sector will

• A) never be the same.
• B) always be equal.
• C) differ by the amount of the resource market.
• D) differ by the amount of the product market.

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Definitions:

Employee Retention

Strategies and practices aimed at keeping valuable employees within a company to reduce turnover and maintain productivity.

Mass Customizing

A production and marketing strategy that combines the flexibility and personalization of custom-made products with the low unit costs associated with mass production.

Employment Experience

The accumulation of knowledge, skills, and attitudes acquired by individuals through participating in the workforce.

External Supply of Labour

Refers to the availability of potential employees outside the organization, which can be influenced by factors such as demographic changes and education levels.