Which Actor in the Circular Flow Model Buys or Rents

question 39

Multiple Choice

Which actor in the circular flow model buys or rents land,labor,and capital?

• A)Firms
• B)Households
• C)Markets for factors of production
• D)Government

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Definitions:

Minimizes Costs

Strategies or actions taken to reduce expenses and financial outlay in business operations or personal budgeting.

Efficiency

The ability to achieve a desired result with minimal waste of time, effort, or resources.

Quality Improvement

An ongoing process of detection and reduction of errors, improvement of operations, and ensuring that standards of quality are met consistently.

TQM

Total Quality Management; a comprehensive approach to organizational management that seeks to improve the quality of products and services through ongoing refinements in response to continuous feedback.