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In the Markets for Goods and Services in the Circular-Flow

question 2

True/False

In the markets for goods and services in the circular-flow diagram, households are buyers and firms are sellers.


Definitions:

Anti-Aging Products

Cosmetics, medications, or procedures designed to delay, hide, or reverse the physical signs of the aging process.

Cosmetic Surgery

Surgical procedures aimed at enhancing or altering one's physical appearance for aesthetic reasons.

Social Security Benefits

Government-provided payments to eligible individuals, typically retirees, disabled persons, and survivors, aimed at ensuring their financial support.

Retiree

An individual who has withdrawn from active working life, typically due to age.

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