In the Circular Flow Model of the Market System, Households

question 259

Multiple Choice

In the circular flow model of the market system, households' major role is to

• A)buy both products and resources.
• B)sell both products and resources.
• C)buy products and sell resources.
• D)sell products and buy resources.

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Definitions:

Ethical Implications

The consideration of the moral consequences and responsibilities linked to a decision, action, or policy.

Personal Values

Core beliefs or ideals that guide an individual's behaviors, decisions, and lifestyle choices.

Managerial Decision Making

The process by which managers make choices among alternative strategies or actions to solve problems or capitalize on opportunities.

Instrumental Value

Refers to something that is considered valuable for the sake of achieving something else, serving as a means to an end.