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In the Circular-Flow Diagram, Firms Own the Factors of Production

question 6

True/False

In the circular-flow diagram, firms own the factors of production and use them to produce goods and services.


Definitions:

Used Copy Machine

A pre-owned device that duplicates documents and images.

Five-Question Sequence

The five-step process of overcoming objections in which facts, logic, and tact are used.

Overcoming Objections

The process in sales of addressing and resolving any concerns or hesitations a potential customer might have about a product or service.

Objection

A concern or question raised by a prospect that needs to be addressed by a salesperson to move towards closing a sale.

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