In the Simple Circular Flow Model

question 233

Multiple Choice

In the simple circular flow model:

• A)firms are suppliers of resources and demanders of products.
• B)households are suppliers of products and demanders of resources.
• C)households are demanders of products and suppliers of resources.
• D)firms are the suppliers of both resources and products.
• E)households are the suppliers of both resources and products.

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Definitions:

Chapter 13

A type of bankruptcy that involves a reorganization of a debtor's finances under a court-approved plan to repay creditors over time, usually three to five years.

Regular Income

Consistent earnings received by an individual or entity, typically through employment, investments, or business operations.

Installment Plans

Payment methods that allow customers to purchase goods by making a series of payments over time.

Repayment Plans

Agreed upon schedules between lenders and borrowers that outline how a debt will be paid back over time, often including interest rates and payment amounts.