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In the circular flow model economic resouces is both production and the factors of production?
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∙ 12y ago
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∙ 12y ago
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In the circular flow model economic resources is both production and the factors of production?
truetrue
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
Economic resources are also known as?
Factors of production.
In the circular model how are households compensated by firms for the factors of production they provide?
With wages, rent and dividends.
Do economic resources include both production and the factors of production?
Yes, the means of production, and the system that supports it, are all resources.
In the circular flow model economic resources is both production and the factors of production?
truetrue
What are the factors of production in an economic system?
The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.
Economic resources are also known as?
Factors of production.
Factors of production history?
Factors of production are essential conditions or resources that favor economic production, and include land, labor, entrepreneurship, and capital.
In the circular model how are households compensated by firms for the factors of production they provide?
With wages, rent and dividends.
Do economic resources include both production and the factors of production?
Yes, the means of production, and the system that supports it, are all resources.
What are the 3 factors of economic systems?
Demand-Production-Distribution/Supply
The economic indicator that measures inflation in the factors of production is called?
ppi
Which of the four factors of production must be prioritized?
The four factors of production (land, labor, capital and entrepreneur) must all present if you wish to improve the economic level of production.
What economic system is based on government control of all factors of production?
communism
Which economic institution owns the factors of production in a market economy?
communism households
Which of these statements is not true about the circular flow model of economics?
Firms use the factors of production to create capital and dividends.
