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7 Cards in this Set

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Circular Flow Model:
A model of the economy that shows one circular flow of expenditures and incomes that result from decision makers' choices interact to determine what, how, and for whom goods and services are produced.
Households:
Individuals or groups of people living together.
Firms:
The institutions that organize the production of goods and services.
Market:
Any arrangement that brings buyers and sellers together and enables them to get information and do business with each other.
Goods Market:
Markets in which goods and services are bought and sold.
Factor Market:
Markets in which factors of production are bought and sold.
National Debt:
The total amount that the federal government had borrowed to make expenditures that exceeded tax revenue - to run a government budget deficit.