A Simplified Model That Shows How Households and Businesses Interact

question 41

Multiple Choice

A simplified model that shows how households and businesses interact with one another in the product market and resource market is known as the:

• A) basic economic model.
• B) production possibilities model.
• C) free trade model.
• D) circular flow model.

Describe the importance and components of ethics training in promoting organizational ethics.

Explain the concept of moral, amoral, and immoral managers and their impact on ethical decision-making.

Understand the mechanisms for instilling ethical behavior in an organization.

Recognize the challenges and barriers to ethical whistleblowing in the workplace.

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Definitions:

Barter

A system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, like money.

Directly Exchanged

A situation where goods or services are exchanged without the use of money as an intermediary.

Production Possibilities Frontier

A curve depicting all possible combinations of two goods that a society can produce within a given time period, given its technological capabilities and available resources.

Fixed Assumptions

Preset conditions or principles that are assumed to remain constant over a defined period for the purpose of analysis or modeling.