3 years ago

How are the roles of resource owners and firms explained by the circular flow diagram of economic activity?

1 answer:

5 0

The answer would be that resource owners are a group of people that live in a single residence (a family for example). These are also consumers of products and services. Meanwhile firms are explained as an organization that creates a good or a service, through the use of resources such as capital. They create goods and services out of factors of production.

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