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Economy Reassessment

QuestionAnswer
Competition lowers the price of goods by making them more widely available to buy for various prices
Example of workers providing labor immigrants working in factories
Entrepreneur Someone that takes risks in order to create a new business
Circular flow model a diagram that is used to represent the money transactions in an economy
Banks make our economy more efficient by providing specialized financial services such as checking accounts, savings accounts, and loans.
________________ must be produced by someone, a business or an organization. goods and services
What causes economic behavior to change? Incentives
Give an example of how a doctor's profession contributes to the circular flow model. A doctor keeps people healthy, people can work and make money, people can pay the doctor
What are the four sectors of the economy? government, bank, private business, household
The government pays for goods and public services through income and sales taxes
Created by: ckimbro27