An Example of a Real Flow in the Circular Flow

question 130

Multiple Choice

An example of a real flow in the circular flow diagram is

• A)Nike's payment of wages to workers in China.
• B)the government's payment of wages to a soldier.
• C)a household's supply of work effort at its new business.
• D)your council's collection of property taxes.
• E)a teacher's salary at the local high school.

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Definitions:

Environmental Scanning

The process of collecting, scrutinizing, and utilizing information about events, trends, and relationships in an organization's external environment.

New-product Ideas

Concepts or proposals for new goods or services that a company can potentially develop and offer to the market.

Concept Test

An evaluation process that involves presenting an idea for a product or service to a target audience to determine its feasibility and the potential interest of consumers.

Cross-functional New-product Development Team

A group comprising members from different departments working together to develop a new product.