Economics: Micro 1

Front

Point B represents

Back

Businesses

Front

What are the four main parts of the circular flow diagram? Options: Product Market, Stock Market, Factor Market, Fish Market; Product Market, House Market, Factor Market, Good Market; Factor Market, Product Market, Households, Firms; Factor Market, households, Stock Market, super market

Back

Factor Market, Product Market, Households, Firms

Front

What does point A represent on the Circular flow diagram? Options: Households, Businesses, Factor Market, Product Market

Back

Product Market

Front

Where are factors of production (land, labor, etc) exchanged in the circular flow model?

Back

Factor Market

Front

Where do factors of production (land, labor, etc) come from in the circular flow model?

Back

Individuals

Front

In the circular flow diagram firms pay wages for which factor of production?

Back

Labor

Front

What does point C represent on the Circular Flow diagram?

Back

Factor Market

Front

The exchange of money for goods/services to consumers is represented in which part of the circular flow diagram?

Back

1 and 2

Front

The delivery of finished products for sale in exchange for revenue is represented in which arrows?

Back

3 and 4

Front

A person stocks shelves at a grocery store and receives a wage. They have completed an exchange in which part of the circular flow model?

Back

Factor Market