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Circular Flow Model Flashcards | StudBud
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Circular Flow Model
Circular Flow Model
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Questions
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Answers
1
The interactions described in the Circular Flow model take place between what two groups?
Producers and Consumers
Factor Market and Product Market
Consumers and Households
Producers and Businesses
2
The circular flow model demonstrates interactions in what type of economy?
Capitalism
Market
Command
Mixed
3
The study of the way things are in the economy at the current time.
Normative Economics
Microeconomics
Positive Economics
Macroeconomics
4
What is the correct spelling of your teacher's last name?
Myers-Schleif
Myers-Schlief
Myer-Schleif
Meyer-Schleif
5
The skills and knowledge of the workers in a business.
Physical Capital
Human Capital
Efficiency
Labor
6
What is the main purpose of an economic model?
Predict
Display
Explain
Describe
7
Which is the following is NOT a goal of every economy?
Economic Growth
Efficiency
Equity
Equal Rights
8
Which of the following items are factors of production?
Labor
Capital
Land
Entrepreneurship
9
What term refers to money that individuals spend in the product market?
Resources
Revenue
Profit
Income
10
What term refers to money made by businesses from the product market?
Profit
Income
Revenue
Resources
