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Households in the Circular Flow Model:
Sell resources and buy goods.
Wages and Salaries, Rent, Interest, and Profits.
The different combinations of goods that can be produced with a given set of resources.
Consumers through their dollar votes.
Scarcity
You may get a free lunch, but someone had to pay for it.
Money flows from Businesses to Households.
Shifting the entire curve to the right.
In the Production Possibility Curve, we show Economic Growth by:
Sell resources and buy goods.
Wages and Salaries, Rent, Interest, and Profits.
The different combinations of goods that can be produced with a given set of resources.
Consumers through their dollar votes.
Scarcity
You may get a free lunch, but someone had to pay for it.
Money flows from Businesses to Households.
Shifting the entire curve to the right.
A production possibilities model shows:
Sell resources and buy goods.
Wages and Salaries, Rent, Interest, and Profits.
The different combinations of goods that can be produced with a given set of resources.
Consumers through their dollar votes.
Scarcity
You may get a free lunch, but someone had to pay for it.
Money flows from Businesses to Households.
Shifting the entire curve to the right.
What to produce in a Market Economy is ultimately determined by:
Sell resources and buy goods.
Wages and Salaries, Rent, Interest, and Profits.
The different combinations of goods that can be produced with a given set of resources.
Consumers through their dollar votes.
Scarcity
You may get a free lunch, but someone had to pay for it.
Money flows from Businesses to Households.
Shifting the entire curve to the right.
When using the economic perspective, economists view the world through the lens of:
Sell resources and buy goods.
Wages and Salaries, Rent, Interest, and Profits.
The different combinations of goods that can be produced with a given set of resources.
Consumers through their dollar votes.
Scarcity
You may get a free lunch, but someone had to pay for it.
Money flows from Businesses to Households.
Shifting the entire curve to the right.
In the circular flow model, households earn:
Sell resources and buy goods.
Wages and Salaries, Rent, Interest, and Profits.
The different combinations of goods that can be produced with a given set of resources.
Consumers through their dollar votes.
Scarcity
You may get a free lunch, but someone had to pay for it.
Money flows from Businesses to Households.
Shifting the entire curve to the right.
In economics, we use the expression - there is no such thing as a free lunch - that means that:
Sell resources and buy goods.
Wages and Salaries, Rent, Interest, and Profits.
The different combinations of goods that can be produced with a given set of resources.
Consumers through their dollar votes.
Scarcity
You may get a free lunch, but someone had to pay for it.
Money flows from Businesses to Households.
Shifting the entire curve to the right.
In the Resource Market:
Sell resources and buy goods.
Wages and Salaries, Rent, Interest, and Profits.
The different combinations of goods that can be produced with a given set of resources.
Consumers through their dollar votes.
Scarcity
You may get a free lunch, but someone had to pay for it.
Money flows from Businesses to Households.
Shifting the entire curve to the right.
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