In the Circular flOw Model, Households Earn Their Incomes in the

question 226

Multiple Choice

In the circular flow model, households earn their incomes in the

• A) resource markets.
• B) product markets.
• C) capitalist markets.
• D) money markets.

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Definitions:

Just Society

A societal ideal where individuals receive fair treatment and an impartial share of benefits.

Tort Law

The area of law that covers most civil suits, except breach of contract, focusing on personal injuries and damages to property.

Tort

An act that is not criminal but leads to harm or loss for the victim, thereby making the perpetrator legally responsible under tort law.

Malfeasance

An act of illegal or wrongful conduct, especially when performed by a public official or a figure of authority.