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.

---

Definitions:

Nonprofit Organization

An organization that operates for purposes other than making a profit, focusing instead on furthering a social cause or shared goal.

Nongovernmental Organization

An independent, not-for-profit organization that works towards social, environmental, or political goals.

Organizational Goal

The strategic objectives that a business or institution aims to achieve within a specific timeframe, guiding its operations and direction.

Nongovernmental Organization

An independent organization not affiliated with any government, usually serving a social or environmental purpose.