In the Circular Flow Model of an Economy, Households

question 212

Multiple Choice

In the circular flow model of an economy, households

• A) receive income from buyers of goods and services.
• B) receive income from the sale of factors in the goods markets.
• C) pay firms for the use of their factors.
• D) receive income from producers for the use of factors in the factor markets.

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Definitions:

First Amendment

A change to the U.S. Constitution that safeguards rights related to religious practice, speech, gathering, and petitioning the government.

Nonserious Interference

Minimal or insignificant disruption that does not constitute a legal nuisance or cause substantial harm to another's property rights.

Conversion

Conversion, in legal terms, refers to an act of wrongfully taking, using, or retaining possession of personal property belonging to another without permission.

Real Property

Land and anything permanently attached to it, such as buildings and other structures.