Figure 2-2 -Refer to Figure 2-2.If the Flow of Goods and Services

question 249

Multiple Choice

Figure 2-2
-Refer to Figure 2-2.If the flow of goods and services is part of what is represented by the inner loop of this circular-flow diagram,then

• A)the flow of factors of production is also part of what is represented by the inner loop.
• B)the flow of income paid to households is also part of what is represented by the inner loop.
• C)the flow of revenue to firms is also part of what is represented by the inner loop.
• D)households must be sellers of output.

Comprehend Gibson, Thompson and Bazerman's symmetric prescriptive advice for mediators.

Distinguish between mediation and arbitration.

Appreciate the role of a mediator when resistance points of opposing sides do not overlap.

Identify the implications of biasing effects in negotiations and mediations.

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Definitions:

Planning Budget

A budget created before a period begins, outlining expected revenues, expenses, and other financial transactions, serving as a blueprint for financial performance.

Materials

General term referring to the raw inputs or resources used in the production of goods and services, encompassing both direct and indirect materials.

Planning Budget

A financial plan that outlines the expected revenues, expenses, and goals of an organization for a specific period.

Other Expenses

Costs not directly related to the production of goods or services, such as interest payments or losses from asset sales.