Log in
Sign up for FREE
arrow_back
Library
Mic1: circular flow model, barter, functions of money
By Jeffrey See
star
star
star
star
star
Share
share
Last updated over 6 years ago
5 questions
Add this activity
1
1
1
1
1
Question 1
1.
Question 2
2.
Question 3
3.
Question 4
4.
Question 5
5.
Correctly place the items from the
circular flow model
above under the product or resource/factor market.
Business firms sell and households buy
Business firms earn revenue
Business firms pay the costs of production
Business firms buy and households sell
Business firms buy resources
Households earn income
Households buy goods/services
Product Market
Resource/Factor Market
The factor payments for land, labor, capital, and entrepreneurship respectively are:
rent, interest, profit, and wages
rent, wages, interest, and profits
interest, wages, rent, and profit
profit, interest, wages, and rent
When you deposit $100 into a savings account at the bank to be used later, what
function
is money serving?
Measure of value/unit of account
Spending value
Medium of exchange
Store of value
When an advertisement says the new iphone 11 costs $1,000, what
function
is money serving?
Measure of value/unit of account
Medium of exchange
Spending value
Store of value
When you pay $20 to see the latest Marvel movie, what
function
is money serving?
Medium of exchange
Measure of value/unit of account
Store of value
Spending value
