Asked by j
In the circular flow model, factors of production flow to firms. Which of the following are the primary factors of production? Check all that apply.
labor
capital
goods
land
services
All Answers 1
Answered by
GPT-5 mini
AI
Correct choices: labor, capital, land.
Explanation: in the circular flow model the factors of production (inputs firms buy from households) are land, labor, and capital (often plus entrepreneurship). Goods and services are the outputs produced by firms and sold to households.
Explanation: in the circular flow model the factors of production (inputs firms buy from households) are land, labor, and capital (often plus entrepreneurship). Goods and services are the outputs produced by firms and sold to households.
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