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10 Cards in this Set
- Front
- Back
Circular flow model |
A model showing how goods, services, and money flow among sectors and markets in the American economy |
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Sector |
A category, or a part of a whole |
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Factor market |
A market were productive resources are bought and sold |
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Product market |
Were goods or services are offered for sale |
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Comprise |
To be made up of |
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Economic growth |
The increase in a country's total output of goods and services over time |
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Productivity |
The degree to which resources are being used efficiently to produce goods and services |
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Specialization |
When people businesses, regions, and nations concentrate on goods and services that can be produce better than anyone else |
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Division of labor |
Breaking down of a job into separate, smaller tasks to be performed individually |
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Human capital |
Sum of peoples knowledge and skills that can be used to create products |