In a Simple Circular Flow Diagram,who Supplies Factors of Production

question 97

Essay

In a simple circular flow diagram,who supplies factors of production in markets and who buys these factors of production? Who supplies goods and services in markets and who buys these goods and services?

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Definitions:

Accurate

Precisely correct, exact, or without error.

Cent

A monetary unit that is equal to one hundredth of the basic unit of currency in many countries, including the United States.

Accurate

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.

Cent

A Cent is a monetary unit that represents one hundredth of the base unit of currency in many countries, such as the United States dollar, Euro, and others.