In the Simple Circular Flow Model

question 111

Multiple Choice

In the simple circular flow model,

• A)households are buyers of resources.
• B)businesses are sellers of final products.
• C)households are sellers of final products.
• D)there are real flows of goods, services, and resources, but not money flows.

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Definitions:

Common Form

A standardized or widely used version of a document, agreement, or legal form.

Value

The importance, worth, or usefulness of something to individuals or society.

Pattern Recognition

The process of identifying patterns in data, enabling recognition, categorization, and prediction.

Entrepreneurial Opportunity

A favorable set of circumstances that creates a need for a new product, service, or business.