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5 Cards in this Set
- Front
- Back
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circular flow diagram
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a graphical representation of the traditional view that an economy consists of households and firms engaging in exchange
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factor markets
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markets for the services of land, labor and capital
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product markets
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markets for newly produced goods and services
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perfect rationality
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the assumption that actors can optimize, arriving at the decision that max profit or utility
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perfect info
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the assumption that economic actors know with certainly everything that is important to their decision making
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