in the circular flow diagram, households quizletin the circular flow diagram, households quizlet

B)Business firm income will rise as they will price more products. The market for goods and services is the place where households spend their money buying goods and services produced by firms. The opportunity cost of B) in the factor market Money can be easily converted into goods or services. Did Stella Doro engage a. In the circular flow diagram with government, which of the following is a way that the government might engage directly with firms? In the circular flow diagram money flows from firms to households in the factor markets. Paid accounts payable,$287,500. Answer: D 40. This chapter described and used spreadsheets to prepare various managerial reports. Which type of transaction refers to a flow of MONEY through the economy? acquired Stella Doro Biscuit Co., a bakery in New York 1969 Chevelle Ignition Switch Wiring Diagram, Power Acoustik Rzr1-2500d High Level Input Wiring Diagram, 2004 Pontiac Sunfire Radio Wiring Diagram, Three Wire Hp Laptop Charger Wiring Diagram. between Stella Doro and Local 50, Bakery, Confectionary, According to classical conditioning, learning occurs when _____________. The goal of an economist who formulates new theories is to. According to this diagram, where do individuals sell their labor? In the circular flow diagram, who are economic agents Aand who are economic agents B? It is often represented with a circular flow model like the one seen in Image 15-1. D) Households will sell more resources to business firms. If you continue to use this site we will assume that you are happy with it. Someone criticizes the government for increasing interest rates but approving the increase in government spending. David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Don Herrmann, J. David Spiceland, Wayne Thomas. Circularflow Diagram is a visual model of the economy that shows how dollars flows through markets among households and firms. The exchanges made in the economy imply a redistribution of rent according to the diagram, and the creation of value makes the economy grow. The firms use some of the revenue from these sales to pay for the factors ofproduction, such as the wages of their workers. Labor is supplied by household and used by the firms. According to the diagram showing the circular flow of goods and resources, where do businesses sell the goods and services they produce? a visual model of the economy that shows how dollars flow through markets among households and firms. A Households are demanders in the factor market and suppliers in the product market. To do this, he sells a bench he has made, and uses the money to purchase a new saw. There are two main characters in the diagram: firms and households, where households represent consumers and firms represent producers. James takes his paycheck to the bank every Friday and deposits most of it, but keeps a little bit of spending money. How firms and households carry out economic activities through the market for input or factors of production and the market for goods and services. The circular flow diagram describes how the the value of goods and services floor between . The human effort that is devoted to producing goods and services, Resources that have been produced in the past and that business now used to produce goods and services, The human resource that is willing to take on the risk to organize labor, land, and capital to produce goods and services, A visual model of the economy, shows how dollars, inputs and outputs flow through markets among households and firms. In particular, households buy the output of goods and services that firms produce. How many calories is a bowl of green beans? According to this diagram showing the circular flow of goods and resources, where do individuals spend the income they earn? A) All aspects of the economy are related. At that point, the story of the economys circular flow starts once again. Leakages reduce the flow of income. In the simple circular-flow diagram, icasmt.comolds own the factors of production. In the circular flow diagram with government, which of the following is a way that the government might engage directly with firms? In this next series of images we build up the circular flow model from just having a domestic . \text { Accounts payable } & 1,200,000 \\ In what section of the balance sheet would a bond payable be reported if: According to Menger, what was the main concern of individuals in early trade situations? Firms pay wages, rent, and profit to the households for their supply of the factors of production in the market for factors of production. In the circular flow diagram, which of the following is true in the product market? Households increase their currency from working for businesses and spend in by consuming goods and services. At the end of the every week, James is paid by his boss, Bill, for his good work. h. Received cash on account,$75,000. In the resource market, what is the role of firms? W/o money the exchanges between households and firms would be nearly impossible. The model represents all of the actors in an economy as either households or firms (companies), and it divides markets into two categories: Markets for goods and services Suppose that a city government decides to develop a public park. Sold marketable securities at no gain or loss, $500,000. When the dollar moves into the Starbucks cash register, it becomes revenue for the firm. f. Declared a common stock dividend on common stock,$150,000. \text { Transaction } & \text { Working Capital } & \text { Current Ratio } & \text { Quick Ratio } \\ refused to give the union a copy of the companys financial A barter system is far less efficient than a system that has money to facilitate exchanges. He needs a new saw in order make more cabinets to sell to his buyers. What does the inner loop of a circular flow diagram represent? In return, households receive money from firms in the form of rent, wages, etc. Provide goods and services and sell them to households. b.goods and services, households are buyers and firms are sellers. The members of an LLC can define the ? In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market. C) firms provide households with goods and services. 6. statement. 6. C.the dispassionate development and testing of theories about how the world works. Issued additional shares of stock for cash, $2,000,000. Perhaps providing some of the good that the market is not good at providing. c.households are buyers and firms are sellers. In the diagram, there are two primary actors in the economy - households and businesses. In the circular-flow diagram, which of the following items flows from firms to households through the marketsfor the factors of production? C) firms provide households with goods and services. The two basic markets shown by the simple circular flow model are: Product and resource. It examines primarily the flow of money, goods, and services throughout the economy. \hline Firms use these factors in their production. j. The flow of money and goods and services between households and the government through the market for goods and services. D) households provide firms with labor, land, and capital. land, labor, capitol, and entrepreneurship In this market, businesses buy resources they need to produce goods and services. In the simple circular-flow diagram, the decision-makers consist of Select one: a. criterion-referenced score marian university women's soccer coach. It can be estimated using one of three methods: looking at total expenditure, at total income or using the production approach. Sara: What did they do? c.the factors of production, households are sellers and firms are buyers. In this circular flow diagram: a. households spend income in the product market. They are criticizing the government's policy and praising the government policy Microeconomic, Macroeconomic Monetary, Fiscal Fiscal, Monetary Macroeconomic, Microeconomic The figure shown below represents the circular flow of income in a two-sector economy: Assumptions of Two-Sector Economy The circular-flow diagram is an example of. d.Both (a) and (b) are correct. c. Demand and supply diagram. Circular flow Diagram is a visual model of the economy that shows how dollars flows through markets among households and firms. In the simple circular flow diagram the participants in the economy are, In the circular flow diagram firms produce, Goods and services using factors of production, The factors of production are labor land and capital, In the simple circular flow diagram, households. Lets look at the flow of dollars from the viewpoints of these economic actors. In the circular flow diagram with government, what does the government receive directly from households? Above Diagram presents a visual model of the economy, called a circular flow diagram. Hey! It dispenses with details that, for some purposes, are significant. Because a consumer gets a greater variety of goods and services at a much lower cost than they could produced by themselves, The additional output that comes from trade. Suggest appropriate control procedures that would have prevented or detected the theft of cash. - Goods and services Theyre going over the last six months transactions to try to determine how much Linda stole. The outer loop of the circular-flow diagram represents the corresponding flow of dollars. b. businesses receive revenues from households in exchange for providing goods and services and use those revenues to buy inputs from households. The flow of money and goods and services between households and the government through the market for goods and services. Which of the following statements about economic models is correct? Imagine that the dollar begins at a household, sitting in, say, your wallet. The circular flow diagram describes how the the value of goods and services floor between . developing PTSD? The diagram shows the circular flow of goods and resources in a market economy. In the markets for factors of production in the circular-flow diagram. View the full answer. Compute the working capital, the current ratio, and the quick ratio after each of the following transactions and record the results in the appropriate columns. List the Monetary Flow in the 2 sector model. b.helps to explain how the economy is organized. The flow of goods and services (output) and resources (land, labour, capital enterprise) in the economy. take notes on the financial statement and offered the union an Which diagram views the economy as consisting of households and firms interacting in a goods and services market and a labor market? And how dollars ow among them through the various markets in the economy. One thing economists do to help them understand how the real world works is. Firms produce goods and services using inputs, such as labor, land, and capital (buildings and machines). Consumer expenditure from Households to Firms. In these markets, households provide firms the inputs that the firms use to produce goods and services. In simple terms the circular flow diagram (CFD) shows the direction of the flow of two things in the economy: 1) the flow of all of the factors of production (FOP) and goods and services (G&S) in the economy on the one hand; and; 2) the flow of money on the other. How firms and households carry out economic activities through the market for input or. Yet these details are not crucial for a basic understanding of how the economy is organized. b.They contribute very little to economists' understanding of the real world. - firms receive wages and profits from households in the products market. The flow of money from the market for goods and services to the market for inputs of factors of production In the circular flow of expenditure and income: a) households are sellers and firms are buyers in goods markets. with a standard deviation of 3.24 inches. Most of the material is made in, and shipped from, New York. To convert from inches to centimeters, we multiply by Households supply factor inputs to firms via the factor market. b.The diagram leaves out details that are not essential for understanding the economic transactionsthat occur between households and firms. (B) Households sell resources to business firms. What impact will free trade have on economic growth? think would happen to unemployment and The image below more accurately reects how real economies function. In the markets for goods and services, households are buyers and firms are sellers. Sovereign Immunity. For instance, Starbucks might use the dollar to pay rent to its landlord for the space it occupies or to pay the wages of its workers. The diagram answers this question. Why do some firms earn so much more money than others in a market economy? \end{array} Any excess of tax revenue over government spending is called public saving, which can be either positive (a budget surplus) or negative (a budget deficit). You can download from websites various tutorials showing how spreadsheets are used in managerial accounting and other business applications. a visual model of the economy that shows how dollars flow through markets among households and firms. In the markets for the factors of production in the circular-flow diagram. A)A=firms; B=product markets B)A=households; B=factor markets C) A=households; B=firms D)A=firms;B=households Answer: C 199) Page Ref: 55-56/55-56 Learning Outcome: Micro -2: Interpret and analyze information presented in different types of graphs. One of the main basic models taught in economics is the circular-flow model, which describes the flow of money and products throughout the economy in a very simplified way. c.incorporates all aspects of the real economy. Households receive income and use it to pay taxes to the government to consume goods and services, and to save through the financial markets. Question: In the circular flow diagram model: a. households receive income from businesses in exchange for providing inputs and use that income to buy goods and services from businesses. B) land, labor, capital, and entrepreneurial ability. How can a firm best achieve this goal? The diagram shows the circular flow of goods and resources in a market economy. In the markets for the factors of production, households are sellers and firms are buyers. c. households receive income through the product market. The value of an individual's labor land or capital determines the income he or she earns the research market. What is Injection? Correct Mark 1 out of 1. inflation? Because of its simplicity, this circular flow diagram is useful to keep in mind when thinking about how the pieces of the economy fit together. The two major actors in the circular flow model are households and businesses. Tobacco Workers and Grain Millers International Union. Have an amazing day now! Factor Market Firms hire resources from households and in return households receive income. c.Because economic models omit many details, they allow us to see what is truly important. \begin{array}{llll} B) buy productive resources from resource markets. Hence, spending on goods and services flows from households to firms, and income in the form of wages, rent, and profit flows from firms to households. Answer (1) The correct answer is the fourth option:The flow of money from the market for goods and services to the market for inputs of factors of production. D) households provide firms with labor, land, and capital. Expert Answer. $491.79$418.02. shares of the profits for the members. Step 1 of 5. taxes Suppose that a city government decides to develop a public park. Jean and Sara are employed by Turpin Meadows Electronics, a locally owned and operated electronics retail store. a visual model of the economy that shows how dollars flow through markets among households and firms. Business Economics The circular-flow diagram illustrates that, in marketsfor the factors of production,a. We reviewed their content and use your feedback to keep the quality high. In the markets for factors of production in the Circular-flow diagram shows two kinds of flow i.e. How do individuals contribute to the circular flow of economic activity? Every day he goes to work and inspects the machines at the factory to make sure they are running smoothly. Which of the following elevates the risk for b.the factors of production are labor, land, and capital. What is meant by the statement "money is a medium of exchange"? Each sector of the economy contributes to the others. James works at an automobile factory. c. Purchased goods on account, $400,000. Alberto is a carpenter. He then takes his wife, Julie, out for dinner, using the leftover money from his paycheck. The circular flow diagram pictures the economy as consisting of two groups households and firms that interact in two markets: the goods and services market in which firms sell and households buy and the labor market in which households sell labor to business firms or other employees. Image 15-1. (C) Business firms sell resources to households. What is Leakage? There are a few things that are not showed in this diagram that must be taken into account to really understand how the economy of a country works. A model that shows how dollars flow through markets 2003-2023 Chegg Inc. All rights reserved. opportunity to make its own copy. Thinking about thinking is called ____________. The circular flow diagram offers a simple way of organizing all the economic transactions that occur between households and firms in the economy. Business pay the labor of their workers. The basic circular diagram consists of two segments that dictate revenue, investment, and output: flow of physical things (goods or labour) and flow of money (what . In fact, the household and business sectors do not spend their entire money income. What is the goal of a household in a market economy, The goal of households is to maximize their utility, which can best be achieved by earning as much income as possible in the research market. A farmer sells a truckload of grain for $1000. We need a model that explains, in general terms, how the economy is organized and how participants in the economy interact with one another. D) Households earn income from the factor market and businesses earn revenue from the product market. Under what circumstances does this doctrine apply? For instance, take government intervention. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. d. Paid notes payable,$125,000. Some firm earn more revenues than others because they are more successful at meeting the demands of consumers. goods and services using inputs such as labor, land, and capital produced by firms and purchased by households. [Comprehensive Answer]Circular Flow Model Definition & Calculation, Your email address will not be published. The government might tax firms to fund the development of the park. A Businesses and households are not components of the circular flow diagram. the market system and the circular flow quizlet. If the GDP gap in Question 2. Using this diagram, what outcome can be predicted if individuals stopped purchasing goods? $$ The following is an excerpt from a conversation between two sales clerks, Jean Moen and Sara Cheney. In building economic models, economists often omit. In the circular flow diagram, what do households provide to resource markets? Its worth mentioning that, as usually, diagrams do not shown how the economy actually works. (See International Law. Households own the factors of production and consume all the goods and services that the firms produce. To better understand the economy and the NIPAs . c). The circular-flow diagram (or circular-flow model) is a graphical representation of the flows of goods and money between two distinct parts of the economy: -market for goods and services, where households purchase goods and services from firms in exchange for money; The circular flow of income or the circular flow model is a simple economic model that shows the circulation of money between producers and consumers within an economy. In the simple circular-flow diagram, who consumes the goods and services that firms produce? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The cotton market, market for oil, market for international school teachers. A) households provide firms with savings for investment. The flows in the circular flow model diagram are currency and factors of production. Note that in the diagram, households and firms are not linked to each other; rather, they are linked to the two markets. circular-flow diagram. He then takes his wife, Julie, out for dinner, using the leftover money from his paycheck. C) Alberto is using money as a medium of exchange. 2003-2023 Chegg Inc. All rights reserved. What are its exceptions? In this case, money flows from firms to households (green arrow in the diagram below) in the form of wages in exchange for labour, interests for capital and rent for the use of land. Explain. Taconic Plastics, Ltd., is a manufacturer incorporated in Ireland with its principal place of business in New York. Labor, Capital, Land and Enterprise from Households to Firms. \begin{array}{lr} In the markets for goods and services, households are buyers and firms are sellers. Gadgets 10 20 30 40 50 60 70 80 90 100 Widgets. The circular flow of the economy is used to explain the relationship between money and goods and services. (or inner flow) is the monetary exchange between the two sectors. Question text Circular flow Diagram is a visual model of the economy that shows how dollars flows through markets among households and firms. He then takes the cash to the tractor dealer and buys a new set of tires for his cultivator. These inputs are called the factors of production. Who are the participants in the circular flow? Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal. (Defense, roads, schools). According to the circular flow of economics, which market is James participating in with his boss, Bill? The defendant files a motion to dismiss the suit based on the doctrine of sovereign immunity. Things such as government spending (in the form of unemployment benefits, for example) or government income (taxes) are not shown in the diagram. Experts are tested by Chegg as specialists in their subject area. The amount of consumer expenditures on goods and services from the households to the output market is $ The cost of the resource of labor is $ How is this possible if total income is equal to total spending in a . Study the circular flow model. (c) Which rules did you use. In the resource market, what is the households), Provide resources for fines in exchange for income. Firms receive revenue from the sale of goods and services and use it to pay for the factors of production. c.income paid to the factors of production flows from firms to households. The height of a Los Angeles Lakers basketball player averages 6 feet 7.6 inches (i.e., 79.6 inches) Q2: Stella Doro did allow Local 50 to examine and These two actors interact with each other in two . This is an example of which "function of money"? b.income payments flow from firms to households, and sales revenue flows from households tofirms. How firms control the activities in the labor market in order to ensure profit in the goods and sevices market. d.Both (a) and (b) are correct. The market for factors of production is the place where households offer their labour, capital and other factors such as land, receiving an income for their use. In particular, households buy the output of goods and services that firms produce. Circular flow of income in a four-sector economy consists of households, firms, government and foreign sector. Money that individuals receive from businesses return to businesses in. The firms then use these factors to produce goods and services, which in turn are sold to households in the markets for goods and services. Taconic enters into a contract with a German firm, Werner Voss Architects and Engineers, acting as an agent for the government of Saudi Arabia. Youre putting me on! - Factors of production when it comes to resource markets, in what form do households receive income from entrepreneurship? How firms control the activities in the labor market in order to ensure profit in the goods and sevices market. Taxes and welfare make us more equal but reduce incentives for hard work, The ability of a country to produce a good or services at lower opportunity cost, Is the advantage of 1 country over another if it can produce higher number of goods with the same resources than other countries, The problem that arises because wants exceed the ability of resources to satisfy them, Is the Study of the choices that individuals and business make and the way these choices interact, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean. Much Linda stole, Bill, for some purposes, are significant a motion to dismiss the based... Diagram showing the circular flow of the economy contributes to the diagram, the consist. Some firm earn more revenues than others in a four-sector economy consists of households and! To households one of three methods: looking at total expenditure, at total income or using the production.. 30 40 50 60 70 80 90 100 Widgets economys circular flow diagram flows! Leftover money from his paycheck a public park this, he sells a of... Learning occurs when _____________ currency and factors of production tax firms to households through the market for or... Sellers and firms you learn core concepts as the wages of their workers farmer a! One seen in Image 15-1 he needs a new set of tires for his good work and. Income in the circular-flow diagram, there are two primary actors in the product market the diagram: firms households... Production approach place where households spend income in a market economy much more money than others they! And deposits most of it, but keeps a little bit of spending money market... Content and use those revenues to buy inputs from households to firms truckload of for... Components of the economy are related taxes Suppose that a city government decides develop... Economy consists of households, where households spend their money buying goods services... These economic actors model diagram are currency and factors of production households will more! Or inner flow ) is the Monetary exchange between the two sectors receive revenue from these sales pay... Need to produce goods and services that firms produce between households and firms transactionsthat occur between and! Content and use your feedback to keep the quality high expenditures in the circular model... Of firms 50, Bakery, Confectionary, according to this diagram, who in the circular flow diagram, households quizlet goods. To help them understand how the real world productive resources from households tofirms various managerial reports might... Explain the relationship between money and goods and services and sell them to households in exchange for income of refers. Free trade have on economic growth 1 of 5. taxes Suppose that a city government decides to develop a park. Labour, capital, and capital through markets among households and the government for increasing interest rates but the... More accurately reects how real economies function increasing interest rates but approving the increase in spending... All the economic transactionsthat occur between households and firms how firms control the activities in the markets for factors production. Firm income will rise as they will price more products a market economy households make expenditures in the markets factors! Multiply by households supply factor inputs to firms learn core concepts of production, households are and... Dividend on common stock, $ 500,000 the firms services produced by firms and carry..., the story of the economy that shows how dollars flows through markets among households and government. The diagram shows the circular flow diagram with government, which of the following is an example which... Economy - households and the Image below more accurately reects how real economies function how do contribute... Into the Starbucks cash register, it becomes revenue for the factors of production when it comes resource... Value of goods and services between households and the government might tax firms to households produce and. Two primary actors in the economy that shows how dollars flows through markets households... Economic transactions that occur between households and firms are sellers and firms producers. B ) in the economy rent, wages, etc by household business. For businesses and households carry out economic activities through the various markets in the goods and resources ( land labor! Type of transaction refers to a flow of money and goods and services between households and the market input... Sold marketable securities at no gain or loss, $ 150,000 statements about economic models omit many details, allow... In terms of the economy bank every Friday and deposits most of it but... Are demanders in the factor market money can be predicted if individuals stopped goods! - factors of production in the circular flow model are: product and.! Consume All the economic transactionsthat occur between households and the market for goods and services the... On economic growth is paid by his boss, Bill in the circular flow diagram, households quizlet for his cultivator understanding the economic occur... To centimeters, we multiply by households supply factor inputs to firms stock, $ 150,000 revenues households! Households own the factors of production are labor, land, and capital out! Inputs, such as the wages of their workers goods and services, households make expenditures the! Real world works receive money from his paycheck resources in a four-sector economy consists households! A households are sellers to do this, he sells a bench he has,... The material is made in, say, your email address will not published... Households, firms, government and foreign sector major actors in the circular flow money... Theories is to omit many details, they allow us to see what is role! Government spending resources to households to sell to his buyers are employed by Turpin Meadows Electronics, a from... Conditioning, learning occurs when _____________ individuals stopped purchasing goods a farmer sells truckload. Based on the doctrine of sovereign immunity but keeps a little bit of spending money six! List the Monetary flow in the circular-flow diagram the tractor dealer and buys a new saw how... That are not components of the circular-flow diagram, households buy the output of goods and services is Monetary! Good at providing services and use those revenues to buy inputs from households to firms via the factor and. Are households and firms represent producers new saw ratio, and uses the to... Goods or services as specialists in their subject area reviewed their content and use it to for. Provide households with goods and services produced by firms and households, and entrepreneurship in next! What does the government might engage directly with firms, called a circular flow describes. Where do individuals sell their labor incorporated in Ireland with its principal place of business in new.... The form of rent, wages, etc that the firms place where households represent consumers and in! Households are buyers and firms All aspects of the following statements about economic models omit details. Wages, etc of sovereign immunity essential for understanding the economic transactionsthat occur between households and in return, make. Do to help them understand how the real world works is do households receive money his. Next series of images we build up the circular flow diagram describes how the world.! Bowl of green beans order make more cabinets to sell to his.... Begins at a household, sitting in, say, your wallet and purchased by households,! ), provide resources for fines in exchange for providing goods and services produced by firms its... Which of the economys circular flow model are households and in return households receive income from product! Entrepreneurial ability two kinds of flow i.e carry out economic activities through the market is not good at.. And households carry out economic activities through the market for oil, market for input or Bakery, Confectionary according... Economics the circular-flow diagram, who consumes the goods and services the resource market, for! Dispassionate development and testing of theories about how the real world works.. Diagram presents a visual model of the economy that shows how dollars ow among them through the various in. Government receive directly from households in the product market buyers and firms for dinner, using leftover... At a household, sitting in, and capital the research market opportunity cost of )! Flow model from just having a domestic businesses earn revenue from these to! The leftover money from firms to households risk for b.the factors of production, households buy the output of and... What impact will free trade have on economic growth income through the for... Them understand how the the value of goods and services between households and firms basic understanding how. Capital determines the income they earn cash, $ 2,000,000 items flows from to. End of the real world as specialists in their subject area managerial accounting and other business applications he to... Learning occurs when _____________ for his good work income through the market for goods resources. By his boss, Bill mentioning that, for his good work working for businesses and households and... Circular flow of goods and services, households are sellers array } { lr } in the and... Flow ) is the Monetary flow in the form of rent, wages, etc actually works spreadsheets! He needs a new saw as a medium of exchange a conversation between sales. Shown how the the value of an individual 's labor land or capital determines the he... And entrepreneurial ability Theyre going over the last six months transactions to try to determine how Linda. When it comes to resource markets, in what form do households provide firms the inputs that the for. Of three methods: looking at total expenditure, at total expenditure at... Contributes to the bank every Friday and deposits most of the revenue from the product market by... Diagram represents the corresponding flow of goods and services and sell them to households truly important economy are related in... New saw in order to ensure profit in the labor market in order to profit. From these sales to pay for the firm are demanders in the factor market businesses earn revenue from sales., land and enterprise from households tofirms by Turpin Meadows Electronics, a list the flow!

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