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What is the significance of the Production function?
*it enables the circular flow of economy
In the circular flow model economic resouces is both production and the factors of production?
True
In the circular flow model economic resources is both production and the factors of production?
truetrue
In the circular flow model what generates demand for goods and service?
production
Name the three phases in the circular flow of income?
The three phases of circular flow of income are; 1.production of goods and services 2.distribution or generation of income and 3.expenditure or disposition of income
What is the significance of the Production function?
*it enables the circular flow of economy
In the circular flow model economic resouces is both production and the factors of production?
True
In the circular flow model economic resources is both production and the factors of production?
truetrue
In the circular flow model what generates demand for goods and service?
production
Name the three phases in the circular flow of income?
The three phases of circular flow of income are; 1.production of goods and services 2.distribution or generation of income and 3.expenditure or disposition of income
What are the leakages from the circular flow?
You have leakages from your circular flow.
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.
What is the role for consumers and producers in a free market system?
A circular flow model
Why is circular flow model only a theory?
since there will be leakages from the circular flow
Why is the circular flow model only a theory?
since there will be leakages from the circular flow
What does circular flow mean?
Circular flow means the pattern in which goods,services,and resources flow in the marketplace.
Advantages and disadvantages of flow production?
Quick!....since its a continuous movement of items through the production process.
