In the circular flow model, who supplies factors of production in exchange for income?

1 answer:

4 0

In the circular flow model, factors of production are supplied by HOUSEHOLDS in exchange for income. In the circular flow model, producers are referred to as "firms" while consumers are termed "households". In that sense, goods and services are supplied by firms, and are consumed by households. In the same vein, firms give money to households in exchange for economic resources used as factors of production.

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Explanation:

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Answer:

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Explanation:

The question is incomplete, but I figured that the question is trying to find out the correct meaning of CPI with different options provided. The correct question should be:

The CPI is a measure of

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the overall cost of inputs purchased by a typical producer
the overall cost of buying a market basket of goods and services by a typical consumer
the overall cost of stocks on the New York Stock Exchange

Which option is correct?

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Gekata [30.6K]

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