Ask Question
29 July, 00:47

How are the roles of resource owners and firms explained by the circular flow diagram of economic activity?

+5
Answers (1)
  1. 29 July, 02:44
    0
    The answer would be that resource owners are a group of people that live in a single residence (a family for example). These are also consumers of products and services. Meanwhile firms are explained as an organization that creates a good or a service, through the use of resources such as capital. They create goods and services out of factors of production.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “How are the roles of resource owners and firms explained by the circular flow diagram of economic activity? ...” in 📘 Social Studies if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers