Circular Flow of Economics

Front

Factors of Production

Back

Land, Labor, Capital, Entrepreneurship

Front

Product Market

Back

A marketplace where final goods or services are offered to consumers, businesses, and the public sector.

Front

Factor/Labor Market

Back

A marketplace for the services of a factor of production, such as labor, capital, or land.

Front

Demand

Back

The desire to own something and the ability to pay for it.

Front

Demand Curve

Back

A graph showing how the demand for a commodity or service varies with changes in its price.

Front

Law of Demand

Back

As the price of a good decreases, the quantity demanded increases, and vice versa.

Front

Substitute Goods

Back

Products or services that can be used in place of each other.

Front

Complementary Goods

Back

Products or services that are used together.

Front

Demand Schedule

Back

A table that shows the quantity demanded of a good at different price levels.

Front

Supply

Back

The amount of a product or service available to consumers.