PPC

Point B represents

• Product Market

• Factor Market

• Individuals

• Businesses

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

• Factor Market

• Product Market

• Firms

• Individuals

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

• Land

• Labor

• Entrepreneurship

• Raw materials

Money exchanged between businesses and individuals for labor.

• wages

• revenue

• spending

• profit

Money exchanged between an individual and a store for a good or service.

• Revenue

• Wages

• Rent

• Donation

Government use taxes to produce

• Leaders for the government

• Weapons for the military

• Public Goods and Services

• Television Commercials

Who pays for the government taxes?

• Workers (labor)

• Homeowners/business owners (land)

• Consumers (you)

• All of the above

The circular flow is made up of a continuous interaction of which three groups?

• Workers, government and transportation

• Homeowners, business owners, car dealers

• Factories, farmers, and workers

• Households, government, and businesses

Which of the following describes a machine used to produce a product?

• Land

• Labor

• Capital

• Entrepreneurship

Which of the following is a worker?

• Land

• Labor

• Capital

• Entrepreneurship