Details of this Paper

Chapter 2 Thinking Like an Economist

Description

solution


Question

Question;25. In the circular-flow diagram, firms produce goods and services;using the factors of production.;26. In the circular-flow diagram, factors of production are the goods;and services produced by firms.;27. In the circular-flow diagram, factors of production include land;labor, and capital.;28. In the circular-flow diagram, firms own the factors of production;and use them to produce goods and services.;29. In the circular-flow diagram, firms consume all the goods and;services that they produce.;30. In the circular-flow diagram, the two types of markets in which;households and firms interact are the markets for goods and services and the;markets for factors of production.;31. In the markets for goods and services in the circular-flow diagram;households are buyers and firms are sellers.;32. In the markets for the factors of production in the circular-flow;diagram, households are buyers and firms are sellers.;33. In the circular-flow diagram, one loop represents the flow of;goods, services, and factors of production, and the other loop represents the;corresponding flow of dollars.;34. In the circular-flow diagram, one loop represents the flow of goods;and services, and the other loop represents the flow of factors of production.;35. In the circular-flow diagram, payments for labor, land, and capital;flow from firms to households through the markets for the factors of;production.;36. The production possibilities frontier is a graph that shows the;various combinations of outputs that the economy can possibly produce given the;available factors of production and the available production technology.

 

Paper#55203 | Written in 18-Jul-2015

Price : $22
SiteLock