Answer the following questions: 1. What are Factor Markets? 2. Name the four factors of production. 3. Draw the Circular Flow Model and explain the
Answer the following questions:
1. What are “Factor Markets?”
2. Name the four factors of production.
3. Draw the Circular Flow Model and explain the relationship between Firms and Households.
4. Why might a firm choose to produce abroad?
5. What is a “Production Function?”
6. Explain the “Marginal Product of Labor” and why it decreases.
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Authors: Harold Kerzner
10th Edition
978-047027870, 978-0-470-5038, 470278706, 978-0470278703
