In a free market economy who owns the resources?
Circular Flow Model

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•
Social Studies
•
10th Grade
•
Hard
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23 questions
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1.
FLASHCARD QUESTION
Front
Back
households
2.
FLASHCARD QUESTION
Front
In the circular flow diagram firms pay wages for which factor of production?
Back
Labor
3.
FLASHCARD QUESTION
Front
Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circular flow model?
Back
Product Market
4.
FLASHCARD QUESTION
Front
Specialization helps improve productivity because it allows firms to
Back
focus on what they do best
5.
FLASHCARD QUESTION
Front
This diagram is called a:
Back
Circular Flow Model
6.
FLASHCARD QUESTION
Front
This circular flow model would be for a __________ economy
Back
Free Market
7.
FLASHCARD QUESTION
Front
This circular flow model would be for a __________ economy
Back
Mixed Economy
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