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In the Circular Flow Diagram, Who Owns the Factors of Production

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Short Answer

In the circular flow diagram, who owns the factors of production and consumes all of the goods and services produced?

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, intended to harmonize the law of sales and other commercial dealings across states.

Consumer Goods

Products that are bought and used by individuals for personal consumption, as opposed to industrial or commercial use.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, designed to harmonize the law of sales and other commercial dealings across states.

Wrongful Rejection

The unjust or incorrect refusal to accept or acknowledge something as valid or appropriate.

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