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Please answer the following questions a true or false.
1. There are three economic actors in our circular ?ow model: households, ?rms and markets.
2. The ultimate goal for households is to acquire goods and services.
3. The ultimate goal for ?rms is to acquire land, labor and capital.
4. The following are all factors of production - land, labor, capital, and goods and services
5. Firms own the factors of production.
6. The product market is where households get wages, interest, and rents.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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