Term
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Definition
| a visual model of the economy that shows how money flows through makrets and among household firms. |
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Definition
| the resources employed to produce goods and services |
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Definition
| markets in which households buy the goods and services that firms produce |
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Definition
| markets n which firms obtain the factors of production they need—labor services, capital, and natural resources—from households. |
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Definition
| wages, interest payments, rents, royalties, and so on—in exchange for the labor services and other resources they buy |
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Term
| Contributors to the Circular Flow Model |
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Definition
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Term
| Labor Markets to Household |
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Definition
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| Households to Labor Markets |
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Definition
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Definition
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Definition
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Definition
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Definition
| goods and services supplied |
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| Households to Product Market |
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Definition
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| Product Market to Household |
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Definition
| goods and services acquired |
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Term
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Definition
| a collection of individuals grouped together for economic gain |
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