Circular Flow Diagram

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AP Macroeconomics

Unit 1: Basic Economic Concepts

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12 Terms

1
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<p>What is number 3</p>

What is number 3

Market for Goods and Services

2
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<p>What is number 1</p>

What is number 1

G&S bought (Private Property/Ownership)

3
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<p>What is number 5</p>

What is number 5

Households

4
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<p>What is number 4</p>

What is number 4

Labor

5
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<p>What is number 7</p>

What is number 7

Markets for Factors for production

Land

Labor

Capital

Entreprenuership

6
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<p>What is number 8</p>

What is number 8

Factor of production (Finished product)

7
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<p>What is number 10</p>

What is number 10

Firms/Companies

8
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<p>What is number 11</p>

What is number 11

Goods and Services sold (distribution)

9
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<p>What is number 12</p>

What is number 12

Revenue

10
New cards
<p>What is number 9</p>

What is number 9

Wages rent profit (Factor Payment)

11
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<p>What is number 6</p>

What is number 6

Income (wages)

12
New cards
<p>What is number 2</p>

What is number 2

Spending (consumption)