In the circular-flow diagram,another name for goods and services produced by firms is
A)factors of production.
B)output.
C)inputs.
D)resources.

Question

Quizplus · Accepted Answer

Goods and services produced by firms are considered output in the circular-flow diagram, as they are the end result of the production process and are ultimately consumed by households or other firms. Factors of production (such as labor and capital), inputs, and resources refer to the materials and resources used in the production process, rather than the final output itself.

In the Circular-Flow Diagram,another Name for Goods and Services Produced