AP Macroeconomics Unit 2
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7 Terms
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Product Market
“Place” where goods and services are produced by businesses are sold to households
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Resource (Factor) Market
“Place” where resources (land, labor, capital, and entrepreneurship) are sold to businesses
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Private Sector
Part of the economy that is run by individuals and businesses
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Public Sector
Part of the economy that is controlled by the government
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Factor Payments
Payment for the factors of production (rent, wages, interest, and profit)
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Transfer Payments
When the government redistributes income
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Subsidies
Government payments to businesses
Note 
Flashcards (24)