Circular Flow and Quantitative Elements
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Allocation | distribution of available resources
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| Incentive | the hope of reward or fear of penalty that encourages a person to behave in a certain way
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| Factor payment (resource payment) |
the income people receive in return for supplying factors of production
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| income | earning from works
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| circular flow | a model show the interactions between households and firms in the free market
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| profit | a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
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| firm | an organization that uses resource to produce a product or service, which it then sells
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| free market economy | an economic system characterized by private or corporate ownership of capital goods
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| household | a person or group of people living in a single residence
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| market | any arrangement that allows buyers and sellers to exchange things
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| product market | the arena of exchange in which households purchase goods and services from firms
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| productive resource | Basic resources used to produce goods and services: natural resources, human resources, capital resources, and entrepreneurial abilities.
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| who is buyer in a product market | households
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| who is buyer in a factor market | firms
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| who is seller in a product market | firms
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| who is seller in a factor market | household
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| who gets money in a product market | household
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| who gets money in a factor market | firm
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| who gets stuff in a product market | firm
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| who gets stuff in a factor market | household
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Created by:
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