Answer to Question #309716 in Economics for Girly

Question

The circular flow model for goods and services is where ________

1. the households sell their factors of production to the factor market where they are purchased by firms

2. firms consume goods and services offered on the goods market

3. firms combine factors of production and produce goods and services 

4. goods and services are offered for sale on the factor market

a. Only 1.

b. Only 1 and 3.

c. Only 1, 3 and 4.

d. Only 4.

Answer 1

c. Only 1, 3 and 4.