In the Circular Flow Model,there Are Two Types of Markets

question 161

Multiple Choice

In the circular flow model,there are two types of markets: the ________ market and the ________ market.

• A) producers; consumers
• B) households; firms
• C) service; goods
• D) goods; factor
• E) supply; demand

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Definitions:

Probability

A measure of how likely an event is to occur, expressed as a fraction between 0 and 1.

Self-Monitoring Personality

A trait of individuals who carefully observe and regulate their behavior to fit social situations and expectations.

Cooperate

involves working together with others towards a common goal or intent, emphasizing collaboration and mutual assistance.

Confess

To admit or acknowledge something that is true, or admit guilt, especially when faced with evidence.