In a Simple Circular-Flow Diagram, Firms Have to Hire or Purchase

question 33

True/False

In a simple circular-flow diagram, firms have to hire or purchase factors of production from households in order to produce goods and services.

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Definitions:

Winning Contract

A successful agreement or deal achieved after a competitive process or negotiation.

Emotional Intelligence

The ability to understand, manage, and express one's own emotions, as well as to engage in interpersonal interactions with wisdom and empathy.

Components

The constituent parts or elements that make up a system, machine, or device.

Describe

To give a detailed account or picture of something in words, including its characteristics, qualities, or events.