Asked by
Ariel Garcia
on Oct 26, 2024
Verified
In the circular-flow diagram,an individual or a group of people (usually a family) who share their income is a(n) :
A) market.
B) factor.
C) household.
D) business.
Circular-Flow Diagram
An economic diagram that maps out the journey of money as it passes through markets, involving both households and businesses.
Household
An economic unit consisting of all the individuals who live together in one housing arrangement.
Market
A venue or mechanism through which buyers and sellers interact to trade goods, services, or securities.
- Gain insight into the circular-flow representation of an economic system and its constituents.
Verified Answer
RC
Learning Objectives
- Gain insight into the circular-flow representation of an economic system and its constituents.
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