In the Circular-Flow Diagram, Firms Own the Factors of Production

question 6

True/False

In the circular-flow diagram, firms own the factors of production and use them to produce goods and services.

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Definitions:

E. B. Titchener

A psychologist known for developing structuralism, an early school of psychology that aimed to understand the structure of the mind through introspection.

Wilhelm Wundt

A German physiologist and psychologist who is considered one of the founders of modern psychology; he established the first psychology laboratory in Leipzig, Germany.

Scholarly Journal

A periodical publication that contains articles and research findings written by experts in a specific academic field.

Wilhelm Wundt

A German physician, physiologist, and philosopher, widely regarded as the father of experimental psychology.