Economic Agents M Economic Agents J Wages and salaries Market K Labor services Refer to Figure 2-15. One segment of the circular flow diagram in the figure shows the flow of wages and salaries from market K to economic agents M. What is market K and who are economic agents M? OK= product markets; M = households OK= factor markets; M = households OK= product markets; M = firms OK= factor markets; M = firms

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
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Chapter1: Making Economics Decisions
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Economic
Agents
M
Economic
Agents
J
Wages
and
salaries
Market
K
Labor
services
Refer to Figure 2-15. One segment of the circular flow diagram in the figure shows the flow of wages and salaries from market K to economic agents M. What is market K and who are economic agents M?
OK= product markets; M = households
OK= factor markets; M = households
OK= product markets; M = firms
OK= factor markets; M = firms
Transcribed Image Text:Economic Agents M Economic Agents J Wages and salaries Market K Labor services Refer to Figure 2-15. One segment of the circular flow diagram in the figure shows the flow of wages and salaries from market K to economic agents M. What is market K and who are economic agents M? OK= product markets; M = households OK= factor markets; M = households OK= product markets; M = firms OK= factor markets; M = firms
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