In the Markets for Goods and Services in the Circular-Flow

question 239

Multiple Choice

In the markets for goods and services in the circular-flow diagram,

• A)households provide firms with savings for investment.
• B)households provide firms with labor, land, and capital.
• C)firms provide households with output.
• D)firms provide households with profit.

---

Definitions:

Agricultural Produce

Products resulting from agricultural activities that have not been processed significantly, such as crops, livestock, and fisheries.

AASB 13

The Australian Accounting Standards Board document that defines fair value, provides a framework for measuring fair value, and requires disclosures about fair value measurement.

AASB 141

The Australian Accounting Standards Board's standard on Agriculture, outlining the accounting treatment for agricultural activity.

IAS 41

International Accounting Standard 41, which deals with agriculture, outlining how to account for and report the financial performance and position of agricultural activities.