In the simple circular flow, businesses trade goods and services for resources in the product market....
In the simple circular flow,
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businesses trade goods and services for resources in the product market. |
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consumers trade goods and services for monetary payments in the factor market. |
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producers trade goods and services for monetary payments in the product market. |
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consumers trade resources for goods and services in the factor market. |
Homework Answers
Ans: producers trade goods and services for monetary payments in the product market.
Explanation:
In the simple circular flow, household or consumers provide factor resources to the producer in the factor market . Whereas producers supply goods and services to the household or consumers in the product market . So we can conclude that in the simple circular flow, producers trade goods and services for monetary payments in the product market.
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In the simple circular flow,
businesses trade goods and services for resources in the product
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