Question

question 11
1 pt
what does a circular flow diagram illustrate in economics?
the production of goods within a single company
the economy as consisting of households and firms interacting in markets
the interaction between government and international markets
the flow of capital in financial institutions
question 12
1 pts
what does scarcity in economics refer to?
human wants for goods and services exceed the available supply
resource availability is unlimited
economic needs do not exist
available resources exactly meet human wants
question 13
1 pts
what does specialization allow workers or firms to do?
engage in multiple areas of the production chain
focus on particular tasks for which they are well - suited within the overall production process
complete self - sufficiency in production processes
maintain a broad range of skills rather than focusing on specific tasks

Explanation:

• Q11: Circular - flow shows households and firms in markets.
• Q12: Scarcity is when wants exceed supply.
• Q13: Specialization focuses on well - suited tasks.

Answer:

• Question 11: The economy as consisting of households and firms interacting in markets
• Question 12: Human wants for goods and services exceed the available supply
• Question 13: Focus on particular tasks for which they are well - suited within the overall production process