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Question
In a simple economy, the source of income is from ________.
In a simple economy, the source of income is from ________.
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Solution
The correct option is D households and firms
The two types
of economic agents in a simple market, economy are households and business
firms. A household is a social unit comprised of those living together in the
same dwelling.
A business or business firm is a company that produces goods or
services, usually in an effort to make a profit. Profit is revenues minus
expenses. Revenues are the monetary income received by a business in exchange
for goods or services.
Expenses are the total costs of the production of goods
or services by a business.
The two types
of economic agents in a simple market, economy are households and business
firms. A household is a social unit comprised of those living together in the
same dwelling.
A business or business firm is a company that produces goods or
services, usually in an effort to make a profit. Profit is revenues minus
expenses. Revenues are the monetary income received by a business in exchange
for goods or services.
Expenses are the total costs of the production of goods
or services by a business.
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