CFM review

Label

a

b

c

d

←Goods and services←

←Income←Wages←

→Consumer spending→

→Labor and other resources→

The 2 Markets on the CFM are (a)  

• Product and Resource (factor)
• super and silly
• Wage and Partnership

Labor is exchanged for wages in the ​ (a)   .

• product market
• every market in the universe
• resource market

Consumer spending flows from arrow ​ (a)   to ​ (b)   .

• 1
• 3
• 4
• 6
• 8

Finished goods and services flow from arrows (a)   to ​ (b)   .

• 4
• 2
• 3
• 8
• 5