Questions and Answers
How does the business sector generate income in the economy?
By purchasing factors of production from households
What are the sources of income for households in the economy?
Wages, rent, interest, and profit
What role does the government play in the economy with regards to providing goods and services?
The government provides public goods and services to households and businesses
What is the impact of imports on the economy?
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How do businesses in the economy earn income from the foreign sector?
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