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Questions and Answers

Which type of market is primarily responsible for providing capital formation and liquidity for businesses?

  • Financial market (correct)
  • Labor market
  • Goods and services market
  • Real estate market

The circular flow of economic activities only involves households and businesses.

False (B)

What are the three important activities of an economy mentioned in the circular flow model?

Production, exchange, and consumption

The circular flow of income is a visual model that shows how currency flows through markets among __________.

<p>decision-making units</p> Signup and view all the answers

Match the following types of markets with their descriptions:

<p>Goods and services market = Market where goods and services are exchanged Labor market = Market where labor services are exchanged Financial market = Market for the exchange of financial assets Real estate market = Market for the exchange of property and land</p> Signup and view all the answers

What term describes the imbalance between unlimited human wants and the means available to satisfy those wants?

<p>Scarcity (B)</p> Signup and view all the answers

All resources are considered free resources.

<p>False (B)</p> Signup and view all the answers

What are the two types of resources described in the content?

<p>Free resources and economic resources.</p> Signup and view all the answers

A resource is said to be _____ if the amount available is greater than the amount people want at zero price.

<p>free</p> Signup and view all the answers

Match the following types of resources with their descriptions:

<p>Free Resources = Unlimited in supply and have no price Economic Resources = Limited in supply and used for production Renewable Resources = Can be replenished naturally Non-Renewable Resources = Cannot be replenished once used</p> Signup and view all the answers

Flashcards

Resource

Any input used in the production of goods and services.

Free Resource

Resources that are unlimited and free, having zero cost.

Economic Resource

Resources that are scarce and have a cost.

Factor Payments

The payment for the use of resources in production.

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Wages

The compensation for the use of labor in production.

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Circular Flow of Economic Activities

A simplified model of the basic economic relationships between households, businesses, and the government in a market economy.

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Circular Flow Diagram

A visual representation of how money circulates between different sectors within an economy.

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Circular Flow of Income and Expenditure

The continuous flow of payments and receipts for goods and services, as well as factor services (like labor and capital) among different sectors of the economy.

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Economic Agents

The decision-making units within an economy, like households, businesses, and the government.

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Goods and Services Market

The exchange of goods and services between buyers and sellers.

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Economics Unit 3, 4 PDF

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