Question

With the reference of this flow chart explain - exchange relationship between the households and the firms ​

Answer 1

Answer:

The answer to this is that firms give goods and services to households in this market while households give money to the firms. The product market is one part of the circular flow diagram. ... The other way is in the product market. Here, households give money to firms who give them goods and services in exchange.

Explanation:

Households are the owners of factors of production and the firms are users of factors of production. Firms use households (factors of production) to pay factor incomes which is rent, wages, interest and profit.

I hope this will be helpfull to you.

Answer 2

Answer:

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ok.......

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