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

question 169

Multiple Choice

In the simple circular-flow diagram, who owns the factors of production?

• A) the government
• B) firms
• C) households
• D) corporations

Analyze the role of childcare and employment policies in gender equality in the labor force.

Understand the goals of psychology as to describe, explain, predict, and influence behavior and mental processes.

Recognize the importance and application of the scientific method in psychology.

Differentiate between basic and applied research in psychology.

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Definitions:

Salary

Regular payment from an employer to an employee, typically expressed on an annual basis but paid monthly or biweekly.

Educational Background

The formal training and education an individual has received, including degrees, certifications, and school attendance.

Efficiency Wage

A theory stating that higher wages lead to greater efficiency and productivity by increasing worker morale, reducing turnover, and attracting more skilled employees.

Equilibrium Wage

The wage rate at which the supply of workers is equal to the demand for workers in the labor market.