Refer to the Diagram. Flow 1 Represents

question 135

Multiple Choice

Refer to the diagram. Flow 1 represents

• A) wage, rent, interest, and profit income.
• B) land, labor, capital, and entrepreneurial ability.
• C) goods and services.
• D) consumer expenditures.

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Definitions:

Disaffirm

The act of denying, rejecting, or voiding a legal contract or agreement, especially by someone who is not legally competent.

Necessaries

Essential items required for living, such as food, shelter, and clothing, which a person cannot legally be deprived of.

Necessary

In legal and ethical contexts, necessary refers to something that is required or indispensable to achieve a specific outcome or obligation.

Disaffirm

The legal act of renouncing or rejecting a contract or agreement, especially by a party who was not legally competent to enter it at the time of agreement.