matthewpapa matthewpapa

12-02-2017
Social Studies

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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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andriansp andriansp

20-02-2017

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)

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