Asked by itzel valenzuela on Jun 28, 2024
Verified
The circular-flow diagram shows how:
A) banks receive deposits and create money.
B) money,goods and services,and factors of production flow through the economy.
C) the various levels of government allocate tax revenues to meet the needs of society.
D) the work force is educated and trained to increase labor productivity.
Circular-Flow Diagram
A visual model that shows how goods, services, and money move through the economy in a continuous, circular flow between households and firms.
Money
A medium of exchange used to facilitate transactions for goods and services.
Goods and Services
The products and activities offered by businesses to satisfy economic needs or wants; goods are tangible items, while services are intangible acts or performances.
- Absorb the concept of the economic circular-flow model and its associated components.
Verified Answer
Learning Objectives
- Absorb the concept of the economic circular-flow model and its associated components.
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