studies how an overall economy—the market systems that operate on a large scale—behaves

It is objective and fact-based where the statements are precise, descriptive, and clearly measurable.

It is subjective and value-based, originating from personal perspectives, feelings, or opinions involved in the decision-making process.

demonstrates how money moves through society

It is a curve that illustrates the variations in the amounts that can be produced of two products if both depend upon the same finite resource for their manufacture.

The ultimate owners of all the economic resources

They buy resources and sell products

They buy products and sell resources

In a resource market, _______ supply while______ demand.

In a product market, businesses _____ while households _______.

The price to be paid for the use of land

The price to be paid for the use of labor

The price to be paid for the use of capital

The price to be paid for the use of entrepreneurial skills