Figure 2-11 -Refer to Figure 2-11.In the Circular Flow Diagram,who Are Economic

question 90

Multiple Choice

Figure 2-11
-Refer to Figure 2-11.In the circular flow diagram,who are economic agents A and who are economic agents B?

• A)A = firms; B = households
• B)A = households; B = firms
• C)A = households; B = factor markets
• D)A= firms; B = product markets

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Definitions:

Key Procedures

Essential and established methods or steps followed to complete a specific task or to achieve a particular objective within an organization.

Living Wage

A wage that is high enough to maintain a normal standard of living, covering an individual's or family's basic costs of living.

Minimum Wage

The lowest legal hourly pay that employers can compensate workers, set by government law.

Pay Grade

A step or level within an organization’s pay structure that defines the pay scale for job positions according to their responsibility, skill level, and job characteristics.