Asked by
Andrea Rueda
on Oct 13, 2024Verified
In the circular flow model,households
A) demand resources and supply products.
B) demand products and supply resources.
C) demand both resources and products.
D) supply both resources and products.
Circular Flow Model
An economic model illustrating the movement of goods, services, and money between households and businesses in an economy.
Demand
The desire and ability of consumers to purchase goods or services at given prices, playing a critical role in determining market prices and quantities.
Supply
The aggregate availability of a product or service for acquisition at a designated price.
- Grasp the introductory principles surrounding supply and demand, including the role of price mechanisms in the apportionment of resources and merchandise.
Verified Answer
SC
Learning Objectives
- Grasp the introductory principles surrounding supply and demand, including the role of price mechanisms in the apportionment of resources and merchandise.