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According to the circular flow model of the market system, firms get their ability to pay for their costs of production from the revenues that they receive for their products.Difficulty: 02 Medium
Learning Objective: 02-05 Describe the mechanics of the circular flow model.Test Bank: II Topic: The Circular Flow Model
Lump Sum
An individual payment executed at a designated time instead of divided payments or installments.
Down Payment
An initial payment made when purchasing an item on credit, typically a percentage of the purchase price.
Savings
Money set aside from income for future use, typically held in secure or low-risk savings accounts or investment products to preserve or grow wealth.
Frequency of Compounding
The number of times interest is added to the principal balance of an investment or loan per time period, affecting the total interest earned or paid.
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