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Vocab
Vocab
Vocab
Vocab
Circular Flow Chart
100

In the circular flow model, this group buys goods and services and supplies labour.

What is a household?

 

100

Not having enough resources to get your unlimited wants

What is scarcity

100
The work put into creating goods or services
What is Labor
100

In the circular flow model, this sector receives tax revenue from households and firms.

What is the government?

100
Products flow to ____________ who by them with money
What is People
200
The natural resources used that is not created by people
What is Land
200

The market where people work to receive pay

What is labour market

200
The good or service capacity to provide satisfaction
What is Utility
200

In the circular flow model, this sector allows firms to sell products to customers in other countries.

What is the overseas market?

200
___________ receive income after they refine the goods from the product market
What is Businesses
300

The location where people buy and sell goods or services

What is Market

300
goods or services that are not needed for survival but for satisfaction
What is want
300
People that create their own business and are risk-takers to introduce new products to the market
What is Entrepreneur
300

In the circular flow model, this sector allows firms to sell products to customers in other countries.

What is the overseas market?

300
People receive money from ___________ markets for their labor
What is Factor
400

The land, money, goods used as tools to accomplish goals

What is Capital

400

In the circular flow model, this group produces goods and services for consumers.

What is a firm?

400
The market where goods are sold to people
What is Product Market
400

People that use goods and services to satisfy wants and needs, but nothing is produced

What is Consumer

400
People spend money at _____________ markets to receive goods and services
What is Product
500
Production that uses land, labor, capital, and entrepreneurs
What is Factors of Production
500

In the circular flow model, this sector connects savers with borrowers.

What is the financial sector?

500

Economic items that satisfy economic wants

What are goods and services?

500
The study of human behavior based upon people's decisions of scarce resources
What is Economics
500
Resources flow from ______________ markets where businesses buy them
What is Factor