Twa kɔ nsɛm atitiriw so

Sign up for FREE

Mic1: circular flow model, barter, functions of money

Last updated over 6 years ago

5 Nsɛmmisa

1

1

1

1

1

Asemmisa {{asɛmmisaAhyɛnsode}}

1.

Correctly place the items from the circular flow model above under the product or resource/factor market.

Business firms buy and households sell
Business firms earn revenue
Business firms buy resources
Business firms sell and households buy
Households buy goods/services
Households earn income
Business firms pay the costs of production

Product Market
Resource/Factor Market

Asemmisa {{asɛmmisaAhyɛnsode}}

2.

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

Asemmisa {{asɛmmisaAhyɛnsode}}

3.

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

Asemmisa {{asɛmmisaAhyɛnsode}}

4.

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

Asemmisa {{asɛmmisaAhyɛnsode}}

5.

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