1.5 | Circular Flow Vocab

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5 Terms

1
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Private sector

Part of the economy that’s run by individuals and businesses.

2
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Public sector

Part of the economy that’s controlled by the government.

3
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Factor payments

Payment for the factors of production (namely rent, wages, interest, and profit).

4
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Transfer payments

When the government redistributes income (e.g. welfare and social security).

5
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Subsidies

Government payments to businesses.