In the Circular-Flow Diagram

question 113

Multiple Choice

In the circular-flow diagram,

• A)firms own the factors of production.
• B)the factors of production are labor,land,and capital.
• C)the factors of production are also called "output."
• D)All of the above are correct.

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Definitions:

Emergent Norm Theory

A theory in sociology suggesting that norms and behaviors in crowds and social groups emerge spontaneously and are negotiated among members, rather than being inherent or fixed.

Convergence Theory

A concept in sociology that suggests differences among societies will decrease over time due to globalization, leading to similar social, political, and technological practices.

Contagion Theory

A sociological theory that suggests ideas and emotions can spread through populations like infectious diseases.

Contagion Theory

A theory in social psychology that suggests ideas, attitudes, and behaviors spread through groups like diseases, influenced by the power of the crowd.