Circular Flow Model Vocabulary

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Vocabulary flashcards based on the provided circular flow model transcript.

Last updated 5:52 PM on 8/26/26
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5 Terms

1
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Product Market

The market in the circular flow model where goods, services, and payments are exchanged between businesses, households, and government.

2
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Factor Market

The market in the circular flow model where productive resources are exchanged, facilitating interactions between households, government, and businesses.

3
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Households

An economic component in the circular flow diagram that interacts with product and factor markets through services and payments.

4
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Businesses

An economic component in the circular flow diagram that operates within the product and factor markets.

5
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Government

An economic entity interacting with households and businesses through services and payments in the circular flow diagram.