Which of the following is TRUE regarding the circular flow diagram?
I. "Aggregate income" is the flow of income earned by firms.
II. Retained earnings are considered income earned by firms rather than part of households' income.
III. The government, households, and firms all have transactions in the goods market.
A) I only
B) I and II
C) I and III
D) III only
D
Economics
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The concept of ____________________is based on voluntary decisions made by producers.
Fill in the blank(s) with the appropriate word(s).
Economics
The skills and knowledge gained by a worker through education and experience are ____________ .
a. production possibilities. b. physical capital. c. human capital. d. entrepreneurial.
Economics