Circular Flow Including Government Flashcards
1
Q
households
A
- provide: land, capital, labor, management, taxes, expenditures
- receive: goods, services, wages, rent, interest, profit
2
Q
government
A
- provide: services
- receives: taxes
3
Q
businesses
A
- provide: rent, interest, wages, profit, goods, services
- receive: services, land, labor, capital, management
4
Q
circular flow
A
businesses provide wages to the households
5
Q
business supply
A
goods and services
6
Q
factor of production
A
management skills
7
Q
businesses receive from the government
A
law enforcement
