Within the Circular Flow Model,economists Define Households as

question 38

Multiple Choice

Within the circular flow model,economists define households as

• A) families with at least 2 children.
• B) families living in their own houses.
• C) individuals or groups living together.
• D) married or engaged couples.
• E) individuals or groups within the same legally defined family.

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Definitions:

Agent

One that acts or has the power or authority to act for another.

ATM

An automated teller machine, a specialized computer that allows bank customers to perform financial transactions without the need for a human cashier.

Checking Account

A bank account that allows for both deposits and withdrawals, typically used for day-to-day financial transactions.

Cashier's Check

A check issued by a bank, drawing on its own funds rather than on the account of a private individual, offering a secure means of payment.