Wednesday, February 28, 2018

Unit 2: Circular Flow


Household

  • A person or a group of people who share an income.
Firms

  • An organization that produces goods and services for sale.
Factor (Resources) Market

  • Market where factors of production are sold 
  • Bought by Firms 
  • Sold by Households 
Product Market 

  • The market in which goods and services are bought and sold. 



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1 comment:

  1. Zoya R.February 28, 2018 at 6:53 PM

    I adore the cute layout. Also, i love the use of visuals of both the image and the intricate video. However, i think you missed the additional notes on the four types of factor payment: land (rent), labor (wages), capital (interest), and entrepreneurship (profit). Also, you should include examples of product and factor markets such as a student buying a hamburger (product market) or a business paying rent (factor market).

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