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1 year ago

The circular flow model examines interactions between which sectors of the economy?

1 answer:

8 0

The interplay between two sets of economic decision-makers—households and businesses—as well as two different categories of economic markets—the market for resources and the market for products and services—is depicted by the circular flow model.

<h3>What is circular flow model?</h3>

A model of the economy known as the circular flow of income or flow is one in which the main transactions between economic agents are shown as flows of money, products, and services, etc. In a closed circuit, the flows of money and goods are equivalent in value but move in the opposite direction. The interplay between two sets of economic decision-makers—households and businesses—as well as two different categories of economic markets—the market for resources and the market for products and services—is depicted by the circular flow model.

The circular flow diagram's four key components are people, businesses, markets for products and services, and markets for factors of production. These four components provide a framework for comprehending how money moves continuously across an economy.

Hence, The interplay between two sets of economic decision-makers—households and businesses—as well as two different categories of economic markets—the market for resources and the market for products and services—is depicted by the circular flow model.

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Answer:

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Explanation:

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2 years ago

Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and

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Answer: Please find answers in explanation column

Explanation:

To record flow of cost of raw materials

Account Debit Credit

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Raw Materials $385,000

To record flow of labour cost

Account Debit Credit

2) Work in process-Refining department $143,000

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Account Debit Credit

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Entry to record the transfer of production costs to the second department, Sifting.

Account Debit Credit

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calculation

Beginning work in process + raw material + wages payable + factory overhead - ending work in process

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3 years ago

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3 years ago

The production department is proposing the purchase of an automatic insertion machine. It has identified 3 machines and has aske

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Answer: the correct answer is a. Machine B

Explanation:

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The highest average is the one onf Machine B

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3 years ago