In the Circular Flow Model

question 111

Multiple Choice

In the circular flow model,

• A)goods and services are sold by households and purchased by firms.
• B)the government has no direct interaction with either households or firms.
• C)factor markets are where goods rather than services are bought and sold.
• D)the government is represented as a separate market.
• E)the government buys goods and services from firms.

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Definitions:

Selling Process

The series of steps taken by a salesperson from identifying a potential buyer to closing a sale.

Follow-Up

The actions taken after an initial sales presentation or contact to maintain communication with a prospect and move towards a sale.

Presentation

A formal or informal display of information or ideas, typically involving speaking and visual aids, intended to inform, persuade, or entertain an audience.

Handling Objections

The skill of addressing and overcoming doubts or concerns potential customers have regarding a product or service.