In the Circular-Flow Diagram, Factors of Production Are the Goods

question 122

True/False

In the circular-flow diagram, factors of production are the goods and services produced by firms.

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Definitions:

Societal Responsibility

The obligation of an organization to act in ways that benefit society at large, beyond its own interests.

Stakeholder Responsibility

The obligation of organizations to act in ways that recognize and address the impacts of their decisions and activities on all stakeholders, including employees, customers, communities, and shareholders.

Mass Marketing

A strategy aiming to reach the largest possible audience through widespread media channels without customization for specific market segments.

Cause Marketing

A marketing strategy where businesses and nonprofits partner together to promote a social or environmental cause or to benefit from mutual brand enhancement.