Circular flow diagram study guide

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8 Terms

1
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How are factor markets connected to firms

Land, Labor, and capital

2
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How are firms connected to factor markets

Income earned by workers

3
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How are factor markets connected to house hold

Income earned by workers

4
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How are house holds connected to factor markets

Land, Labor, and capital

5
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How are house holds connected to the product market

Buying a final product

6
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How is the product market connected to house holds

Goods and services

7
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How is the product market connected to firms

Revenue earned by firms

8
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How are firms connected to the product market

Goods and services