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What is simple circular flow model?
Depicts how firms produce and sell goods and services.
Supporters of command economies claim that firms in market economies do not produce the goods and services wanted by the poor because?
firms produce only what people with money want and need.
Households pay firms for goods and services. Firms supply households with goods and services. The purchase and supply of goods and services takes place in the?
product market
Households pay firms for goods and services. Firms supply households with goods and services. The purchase and supply of goods and services takes place in the .?
product market
Households pay firms for goods and services Firms supply households with goods and services the purchase and supply of goods and services takes place in the?
It's Product Market.
What is simple flow model?
Depicts how firms produce and sell goods and services.
What is simple circular flow model?
Depicts how firms produce and sell goods and services.
How do firms purchase or pay for the labor that they used to produce their goods and services?
Salaries and Wages
Supporters of command economies claim that firms in market economies do not produce the goods and services wanted by the poor because?
firms produce only what people with money want and need.
Households pay firms for goods and services. Firms supply households with goods and services. The purchase and supply of goods and services takes place in the?
product market
Households pay firms for goods and services. Firms supply households with goods and services. The purchase and supply of goods and services takes place in the .?
product market
Households pay firms for goods and services Firms supply households with goods and services the purchase and supply of goods and services takes place in the?
It's Product Market.
What is markets in which firms sell their output of goods and services?
The product market is the market in which firms sell their output of goods and services.
The money spent by firms in order to produce and sell their goods and services is called?
For Plato Users: production costs
Do service firms produce goods yes or no?
Yes.
What represents a real flow in the circular flow model?
In the circular flow model, real flows represent the movement of goods and services between households and firms. Households provide factors of production, such as labor, to firms, while firms produce goods and services that are consumed by households. This interaction illustrates the interdependence of economic agents in the economy, where production and consumption occur simultaneously. Real flows are complemented by monetary flows, which represent the payment for these goods and services.
When determing how much goods to produce what is the firms goal?
to produce enough goods to meet demand while making a profit
