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Economics
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In the circular flow diagram, firms produce:

a. goods and services using factors of production.

b. output using inputs.

c. factors of production using goods and services.

d. Both (a) and (b) are correct.

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Joshua Stredder
Joshua StredderLv10
23 Oct 2020

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Related questions

According to the circular flow diagram, GDP

a. Can be computed as payments firms make to factors of production plus revenues they receive from the sales of goods and services.

b. Can be computed as the revenue firms receive from the sales of goods and services minus the payments they make to factors of production.

c. Can be computed as either the revenue firms receive from the sales of goods and services or the payments firms make to factors of production.

d. Can be computed as the payments firms make to factors of production, but not as revenues they receive from the sales of goods and services.

The factors of production are best defined as the

a. output produced from raw materials.

b. inputs used to produce goods and services.

c. wages paid to the workforce.

d. goods and services sold in the market.

 

 

Another term for factors of production is:
 a. goods. 
 b. services.  
 c. inputs.  
 d. output. 

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