In the Markets for Goods and Services in the Circular-Flow

question 2

True/False

In the markets for goods and services in the circular-flow diagram, households are buyers and firms are sellers.

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Definitions:

Salesperson

An individual who sells products or services directly to customers, aiming to meet their needs and secure transactions.

Promotion Budget

Financial allocation specifically dedicated to marketing and advertising efforts to increase sales or raise brand awareness.

Personal Selling Activities

Direct, face-to-face activities undertaken by sales personnel to persuade consumers to make a purchase, typically involving presentations or demonstrations.

Advertising

A form of marketing communication used to promote or sell a product, service, or idea through various mediums to reach and influence consumers.