2 sector model showing how businesses & households interact

• Circular Flow Diagram

• Demand Curve

• Supply Curve

• Price Controls

A finished product used by an individual for personal use.

• Substitute Good

• Complementary Good

• Consumer Good

• Stock

Part of the economy where labor & resources are sold

• Command Market

• Factor Market

• Resource Market

• Product Market

A product that can be used to satisfy a want or need.

• Scarcity

• Dividends

• Goods

• Liability

Section of the economy made up of individuals or families

• Firms

• Households

• Businesses

• Factor

Where buyers and sellers learn information from one another and voluntarily exchange goods, services, & money

• Market

• Partnership

• Specialization

• Command Economy

Describes the state of a market with respect to competition

• Medium of Exchange

• Services

• Market Structure

• Store of Value

Function of money in which any item is widely accepted in the exchange of other goods or services

• Market Structure

• Minimum Wage

• Store of Value

• Medium of Exchange

lowest amount which can legally be paid to an employee

• Price Ceiling

• Minimum Wage

• Liability

• Opportunity Cost

Anything that is legally accepted payment for goods and services.

• Money

• Dividends

• Markets

• Economy