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Term

Allocation
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Incentive
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Circular Flow

Circular Flow and Quantitative Elements

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