In the circular flow of economic activity, there are two kinds of markets in which firms and households interact. In the factor market: O the resources used to produce goods and services are exchanged. O final goods and services are exchanged. firms are the suppliers and households are the demanders. Oland, labor, and capital are the primary inputs provided by firms.

In the circular flow of economic activity, there are two kinds of markets in which firms and households interact. In the factor market: O the resources used to produce goods and services are exchanged. O final goods and services are exchanged. firms are the suppliers and households are the demanders. Oland, labor, and capital are the primary inputs provided by firms.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In the circular flow of economic activity, there are two kinds of markets in which
firms and households interact. In the factor market:
O the resources used to produce goods and services are exchanged.
O final goods and services are exchanged.
firms are the suppliers and households are the demanders.
Oland, labor, and capital are the primary inputs provided by firms.

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