In the Circular Flow Model, Households Supply Resources Such as Labor

question 37

True/False

In the circular flow model, households supply resources such as labor services in the factor market.

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Definitions:

Conforming

Adjusting one's behavior or beliefs to align with those of a group or with societal norms.

Social Norms

Unwritten rules that dictate the behaviors that are acceptable, forbidden, or expected in a particular social group or culture.

Ethical Resistance

The act of opposing or refusing actions that are considered morally wrong or unethical.

Authority Figures

Individuals or entities that hold power or influence over others, often seen in positions such as teachers, police, leaders, and parents, whom others are expected to obey or respect.