The Two Basic Markets Shown by the Simple Circular Flow

question 64

Multiple Choice

The two basic markets shown by the simple circular flow diagram are:

• A)capital goods and consumer goods
• B)free and controlled
• C)product and resource
• D)household and business
• E)government and private

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Definitions:

Production Planner

A professional responsible for scheduling and coordinating manufacturing processes to meet demand and optimize resources.

Aggregate Planning

A process by which a company determines ideal levels of capacity, production, subcontracting, inventory, and labor for medium-term future periods to meet forecasted demand.

Overtime

Additional time worked by an employee beyond the normal or legally defined working hours, usually compensated at a higher pay rate.

Subcontracting

The practice of assigning parts of a project or job to outside companies or specialists to capitalize on efficiency and expertise.