Figure 2.8

-Refer to Figure 2.8.One segment of the circular flow diagram in the figure shows the flow of labour services from market K to economic agents J.What is market K and who are economic agents J?

Question

Figure 2.8
 
-Refer to Figure 2.8.One segment of the circular flow diagram in the figure shows the flow of labour services from market K to economic agents J.What is market K and who are economic agents J?

Quizplus · Accepted Answer

In the circular flow diagram, factor markets are where resources like labor are bought and sold. Firms are the economic agents that hire labor services from these markets.

Figure 2.8 -Refer to Figure 2.8.One Segment of the Circular Flow Diagram