The correct answer is: C. manpower, machines, material, money, and information.
The physical system of the firm may be regarded as a flow of manpower, machines, material, money, and information. This is because all of these elements are necessary for the firm to operate and produce goods or services. Manpower refers to the people who work for the firm, machines refer to the equipment that is used to produce goods or services, material refers to the raw materials that are used in production, money refers to the financial resources that are needed to operate the firm, and information refers to the data and knowledge that is used to make decisions about how to run the firm.
Option A is incorrect because it does not include information. Option B is incorrect because it does not include material. Option D is incorrect because it does not include information. Option E is incorrect because it is not one of the options listed above.