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Questions and Answers
Which of the following best describes the circular flow of income and resources in an economy?
Which of the following best describes the circular flow of income and resources in an economy?
- A cyclical process where resources flow from businesses to households and money flows from households to businesses.
- A linear process where resources flow from businesses to households and money flows from households to businesses.
- A cyclical process where resources flow from households to businesses and money flows from businesses to households. (correct)
- A linear process where money flows from households to businesses and back again.
Which of the following is a characteristic of a business organization?
Which of the following is a characteristic of a business organization?
- It is a legal entity separate from its owners. (correct)
- It is a non-profit organization.
- It is solely owned and managed by an individual.
- It does not engage in economic activities.
What is the main purpose of a business organization?
What is the main purpose of a business organization?
- To generate profit for its owners. (correct)
- To promote social welfare.
- To provide goods and services to consumers.
- To fulfill the needs of the government.
