In a Simple Circular-Flow Diagram, the Two Types of Markets

question 168

True/False

In a simple circular-flow diagram, the two types of markets in which households and firms interact are the markets for goods and services and the markets for factors of production.

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Definitions:

Democracy

A system of government where the citizens exercise power by voting.

Antebellum America

The period in U.S. history before the Civil War, specifically marked by the growth of abolition and the debate over the expansion of slavery.

Gender Roles

Social and cultural norms that dictate the behaviors, tasks, and responsibilities expected of men and women in a society, often leading to disparities in rights and opportunities.

Civil War

A war between citizens of the same country, often caused by political, social, or economic disagreements.