Answer: Businesses sell goods and services in product markets.
Explanation: Circular flow diagram shows the flow of goods and services from Firms to the Households and Factors of production from the Households to the Firms. The firms money from the sale of those goods and services and the households get factor payment.
Thus, Business are sell goods and services in product markets in a circular flow diagram.
Answer:
Consists of goods being manufactured that are incomplete.
Consists of materials to be used in the production process.
Answer:
The correct answer to fill the blank space will be option "C"
Explanation:
The relation between minimum wage and employment depends on the magnitude of the minimum wage relative to wage rate. Seein this we can say that an increase in the legal minimum wage will bring up the employment rate if it is set bellow the wage rate.
Answer: Option (D) is correct.
Explanation:
Correct: The country’s production possibilities curve will shift out.
The production possibility frontier shows different combination of two goods that are to be produced with the available resources. It also shows the point on the curve which represents the efficient level of quantity to be produced.
So, if there is any improvement in the factors such as technology advancement and level of education will generally results in higher economic growth and increase in the level of output.
Hence, there is an outward shift in the production possibility frontier.
