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10 Cards in this Set

  • Front
  • Back

Circular flow model

A model showing how goods, services, and money flow among sectors and markets in the American economy

Sector

A category, or a part of a whole

Factor market

A market were productive resources are bought and sold

Product market

Were goods or services are offered for sale

Comprise

To be made up of

Economic growth

The increase in a country's total output of goods and services over time

Productivity

The degree to which resources are being used efficiently to produce goods and services

Specialization

When people businesses, regions, and nations concentrate on goods and services that can be produce better than anyone else

Division of labor

Breaking down of a job into separate, smaller tasks to be performed individually

Human capital

Sum of peoples knowledge and skills that can be used to create products