In the Circular-Flow Diagram,which of the Following Items Flows from Households

question 199

Multiple Choice

In the circular-flow diagram,which of the following items flows from households to firms through the markets for the factors of production?

• A)goods and services
• B)land,labor,and capital
• C)dollars spent on goods and services
• D)wages,rent,and profit

Understand the impact of changes in demand and supply on equilibrium price and quantity.

Identify the consequences of government interventions such as price ceilings and price floors.

Describe the characteristics and determinants of market equilibrium.

Explain the law of supply and the law of demand.

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Definitions:

Violation

The act of breaching or failing to comply with laws, regulations, or set agreements.

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A form of intellectual property protection that gives the rights to an inventor or discoverer of a new and unique plant’s key characteristics for a period of time.

Living Plants

Organisms of the plant kingdom that are characterized by growth, reproduction, and continuous metabolism.

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