Econ 1
A tablar model is also know as a
Schedule
If you total all that households spend on goods or services its called?
Consumption expenditures
Land is?
All natural resources that go into the production of goods.
The difference between the revenues received from the sale of a product and amount paid for it.
Profit
any time households withdraw money from an account or borrow it. Its called
Dissaving
Shows relationships between variables with limited information.
In the basic circular flow you have two things that they flow from?
Business Firms and Households
Entrepreneurship is?
Combinations of all the resources. Land, Labor and Capital
Payments of money or goods to persons for which the government expects no specific economic payment
Transfer payments
What is another word for households
Consumer
Different from the Tabular model this shows more information
Line graph
What are the necessary resources in economics called?
Factors of Production
Includes all payments for the use of an owners property
Rent
When governmental spending exceeds the amount received in taxes
Budget Deficit
Another name for business firms
Producers
What does PPC stand for
Production possibilites curve
What are the 4 factors of production?
Land, Labor, Capital, Entrepreneurship
Wages
are all the payments for labor used to produce goods or services
When government recieves more in taxes then the amount paid out?
Budget surplus
What does Tabular model show?
The relationships between pairs of variables. (Things cost more you could sell less)
Illustrates behavior of entire nations is?
Circular flow model
Labor is?
All human effort that goes into the creation of good or service
Interest
The fourth player in the circular flow model is
Financial market
Who was the Entrepreneur that created apple?
Steve Jobs