Name the three factors of production and two payment types in the circular flow model. You may draw a diagram and label the necessary components if you wish.

Question

Social Studies

Lucille Rojas

5 June, 13:38

Name the three factors of production and two payment types in the circular flow model. You may draw a diagram and label the necessary components if you wish.

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Answers (2)

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Leslie Burgess · Answer 1

The three factors of production are capital, labour and land. The two payment types are payment from firms and payment from households.

Matthias Moore · Answer 2

The three factors of production in the circular flow model are:

- Capital, which is the amount of resources you invest in your business

- Labor, which is the groups of workers for your company

- Land

the Two payment types are Resource markets (when company buy resources to produce their own goods) and product markets (when company directly sold finished goods and services to the customer)