Exhibit 1.1 -Refer to the Circular-Flow Model in Exhibit 1.1. Box B

question 121

Multiple Choice

Exhibit 1.1

-Refer to the circular-flow model in Exhibit 1.1. Box B represents:

• A) firms.
• B) resource markets.
• C) households.
• D) product markets.
• E) expenditures.

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Definitions:

Contract Amendment

A change or addition to the terms of an existing contract, agreed upon by all parties involved.

Legal Obligation

A requirement by law for an entity or person to adhere to certain behaviors or standards.

Materials Manager

A professional responsible for overseeing the acquisition, control, and distribution of materials and products within an organization, ensuring efficient operations and cost management.

Supply Chain Manager

A professional role focusing on overseeing and managing a company's supply chain operations to maximize efficiency, reduce costs, and ensure the timely delivery of products.