Mic1: circular flow model, barter, functions of money
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Last updated almost 6 years ago
5 questions
1
Correctly place the items from the circular flow model above under the product or resource/factor market.
Correctly place the items from the circular flow model above under the product or resource/factor market.
- Business firms earn revenue
- Business firms buy resources
- Business firms pay the costs of production
- Business firms sell and households buy
- Households buy goods/services
- Households earn income
- Business firms buy and households sell
- Product Market
- Resource/Factor Market
1
The factor payments for land, labor, capital, and entrepreneurship respectively are:
The factor payments for land, labor, capital, and entrepreneurship respectively are:
1
When you deposit $100 into a savings account at the bank to be used later, what function is money serving?
When you deposit $100 into a savings account at the bank to be used later, what function is money serving?
1
When an advertisement says the new iphone 11 costs $1,000, what function is money serving?
When an advertisement says the new iphone 11 costs $1,000, what function is money serving?
1
When you pay $20 to see the latest Marvel movie, what function is money serving?
When you pay $20 to see the latest Marvel movie, what function is money serving?