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Last updated 2:23 AM on 10/1/25
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12 Terms
1
New cards
What is number 3
Market for Goods and Services
2
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What is number 1
G&S bought (Private Property/Ownership)
3
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What is number 5
Households
4
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What is number 4
Labor
5
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What is number 7
Markets for Factors for production
Land
Labor
Capital
Entreprenuership
6
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What is number 8
Factor of production (Finished product)
7
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What is number 10
Firms/Companies
8
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What is number 11
Goods and Services sold (distribution)
9
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What is number 12
Revenue
10
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What is number 9
Wages rent profit (Factor Payment)
11
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What is number 6
Income (wages)
12
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What is number 2
Spending (consumption)