Figure 2-2 -Refer to Figure 2-2.If Households Are Buyers in the Markets

question 111

Multiple Choice

Figure 2-2
-Refer to Figure 2-2.If households are buyers in the markets represented by Box C of this circular-flow diagram,then

• A)Box C must represent the markets for the factors of production.
• B)Box D must represent the markets for goods and services.
• C)firms are sellers in the markets represented by Box C.
• D)All of the above are correct.

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Definitions:

Support Function

Activities or services that assist core business operations without being part of the direct production of goods or services.

Inventory Control

The supervision of supply, storage, and accessibility of items to ensure an adequate supply without excessive oversupply.

Information Technology

The employment of computers, storage systems, networking, and various physical components, infrastructure, and procedures for generating, processing, storing, safeguarding, and sharing electronic data in all its forms.

Warehouse Management System

A software application designed to support and optimize warehouse or distribution center management operations and processes.