In the Markets for Goods and Services in the Circular-Flow

question 2

True/False

In the markets for goods and services in the circular-flow diagram, households are buyers and firms are sellers.

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Definitions:

Claims

Statements asserting something to be true, often requiring supporting evidence or justification in various contexts, like insurance or argumentation.

Requesting Adjustments

Asking for changes or modifications to be made to a product, service, or arrangement to better meet one's needs or expectations.

Communicating

The process by which individuals convey information, ideas, or feelings to one another through speech, writing, or other forms of expression.

Claim Response

The reaction or reply to a statement or assertion, particularly in the context of addressing a complaint or issue.