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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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For each item below, indicate whether a debit or credit applies.

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1. Debit

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Explanation:

In Financial accounting, debit refers to an entry made which would either increase an expense or asset account; therefore, decreasing an equity or liability account.

Credit refers to an entry made which would either increase an equity or liability account; therefore, decreasing an expense or asset account.

Generally, debit is an accounting entry which is made to the left of an account while credit is an accounting entry which is made to the right of an account. The standard rule is that, when a credit decreases an account, the opposite account should be increased with a debit.

1. Decrease in Notes Payable: Debit

2. Increase in Dividends: Debit.

3. Increase in Common Stock: Credit

4. Increase in Unearned Rent Revenue: Credit

5. Decrease in Interest Payable: Debit

6. Increase in Prepaid Insurance: Debit

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8. Decrease in Supplies: Credit

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4 years ago

Genuineness, or reality, of agreement is said to be present in a contract when there is:_______.

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Reality of contract of an agreement is said to be present in a contract when there is genuineness.

When there is true meeting of minds or reality of agreements is the genuineness. Fraud charges are proven wrong only if they are in a written form of contract.

Be it spoken or act of conduct it cannot be stated as a fraud without any consent present information. They are not backed by fraud cloud, misrepresentation, undue influences and mistakes. It is definite and claim which is fairly straight forward in contracts. Reality emerges if the contract is fulfilled on time with due influence.

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2 years ago

_____ is a method of attempting to settle labor disputes in when a specialist from the federal government helps management and t

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Answer: e. Conciliation

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This process is known as Conciliation and it falls under the purview of the Federal Mediation and Conciliation Service of the United States.

Conciliation stands out from Mediation because with mediation, the third party that is helping both sides negotiate might not be trained but with Conciliation, the third part is a specialist in the process and thus will be more effective in dealing with the dispute.

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3 years ago

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