In a Circular-Flow Model, Households Supply All of the Following

question 117

Multiple Choice

In a circular-flow model, households supply all of the following except

• A)labor
• B)goods and services
• C)capital
• D)entrepreneurial ability
• E)natural resources

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Definitions:

Strategic Planning

The process of defining a company’s strategy or direction and making decisions on allocating resources to pursue this strategy.

Tactical Planning

Short-term, detailed planning that supports strategic goals by focusing on day-to-day operations and resources.

Operational Planning

The process of creating specific procedures and actions to achieve tactical goals and objectives within a short time frame.

Competitive Differentiation

Unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers.