

Circular Flow of Economics
Flashcard
•
Business
•
12th Grade
•
Practice Problem
•
Easy
Rodney Sink
Used 2+ times
FREE Resource
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30 questions
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1.
FLASHCARD QUESTION
Front
Factors of Production
Back
Land, Labor, Capital, Entrepreneurship
2.
FLASHCARD QUESTION
Front
Product Market
Back
A marketplace where final goods or services are offered to consumers, businesses, and the public sector.
3.
FLASHCARD QUESTION
Front
Factor/Labor Market
Back
A marketplace for the services of a factor of production, such as labor, capital, or land.
4.
FLASHCARD QUESTION
Front
Demand
Back
The desire to own something and the ability to pay for it.
5.
FLASHCARD QUESTION
Front
Demand Curve
Back
A graph showing how the demand for a commodity or service varies with changes in its price.
6.
FLASHCARD QUESTION
Front
Law of Demand
Back
As the price of a good decreases, the quantity demanded increases, and vice versa.
7.
FLASHCARD QUESTION
Front
Substitute Goods
Back
Products or services that can be used in place of each other.
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