In the Markets for Goods and Services in the Circular

question 69

Short Answer

In the markets for goods and services in the circular flow diagram, households act as

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Definitions:

Performance Rating

An assessment of how well an individual, group, or system performs against defined criteria or objectives.

Normal

Pertaining to something that conforms to a standard or a pattern that is usual, typical, or expected.

Trained Employee

An individual who has received instruction and practice in a particular skill or type of behavior for the workplace.

Time Study

An analytical procedure used to determine the standard time required for a skilled worker to perform a given task under specified conditions and at a defined rate of performance.