In three to five sentences, explain the role of the household in the circular flow model. Which role is the most important? Why?

Social Studies

1 answer:

mixas84 [53]2 years ago

7 0

In economics, a circular flow model is a diagram that is used to represent the monetary transactions in an economy.

National income, output, and expenditure are generated by the activities of the two most vital parts of an economy, its households and firms, as they engage in mutually beneficial exchange.

Households

The primary economic function of households is to supply domestic firms with needed factors of production - land, human capital, real capital and enterprise. The factors are supplied by factor owners in return for a reward. Land is supplied by landowners, human capital by labor, real capital by capital owners (capitalists) and enterprise is provided by entrepreneurs. Entrepreneurs combine the other three factors, and bear the risks associated with production.

You might be interested in

Aaron wants to study people’s reaction to violent images. He lets all the participants of his experiment know that they will be

r-ruslan [8.4K]

Answer:

obtaining informed consent from the participants.

Explanation:

Informed consent: The process by which a patient learns about and understands the purpose, benefits, and potential risks of a medical or surgical intervention, including clinical trials, and then agrees to receive the treatment or participate in the trial.

5 0

2 years ago

Zalman, who is interviewing a job applicant, holds negative stereotypes about the applicant's ethnic group, but the applicant ge

natali 33 [55]

Stereotypes are either implicit or explicit and is mainly the generalization of assumptions about a particular group. A study done by Word, Zanna and Cooper (1974) revealed that negative stereotypes could be affirmed through interactions that provided the false confirmations of these beliefs with self- fulfilling prophecy.

Question: considering Zalman's initial attitudes, research by Word and his colleagues (1974) would suggest which outcome?

Answer: The applicant would not get the job.

5 0

2 years ago

What type of Roman engineering construction was important to help the army move quickly around the large Roman Empire

irakobra [83]

The correct answer would be roads

4 0

2 years ago

Read 2 more answers

How is Africa culture similar to European culture

pentagon [3]

European imperialism was motivated by a desire for economic both regions.

8 0

2 years ago

Public accompaniment occurs when: a. A stimulus property that is only indirectly related to the tact relation avoids substandard

Ray Of Light [21]

Answer:

. b. An observable stimulus accompanies a private stimulus

Explanation:

In sociology, public accompaniment refers to the verbal effort that members of society make to correct a certain situation. For this to occurs, observable stimulus and private stimulus need to exist on the same time.

Example of this when people call 911 when they see an act of vandalism.

In that process, the act of vandalism is the observable stimulus and the push to call authorities to protect the property is the private stimulus.

8 0

2 years ago