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In the Circular-Flow Diagram, Payments for Labour, Land, and Capital

question 2

True/False

In the circular-flow diagram, payments for labour, land, and capital flow from firms to households through the markets for the factors of production.


Definitions:

Slip-On Shoe

A type of shoe that does not require lacing or fastening, designed to be easily slipped on and off the foot.

Market

The arena in which commercial dealings are conducted, often referring to the supply and demand for goods and services.

Business Structure

The legal and organizational framework chosen for a company, affecting liability, taxes, and management strategy.

Potential Customers

Individuals or organizations that might have an interest or need in a company's offerings but have not yet concluded a purchase transaction.

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