Microeconomics Quiz

The exchange that takes place in the Factor (resource) Market is _____

The exchange that takes place in the Product Market is _____

Draw and label a circular flow graph.

Households and businesses are interdependent because _____.

Explain how the flow of money and the flow of goods and services among businesses and households occur.

Money is a medium of _____.

What are some of the functions of money? (include the three we discussed in class)

What is Supply?

The difference between Supply and Quantity Supplied is _____.

The Law of Supply states that _____.