Brcc buckner - Study guides, Class notes & Summaries

a diagram that traces the flow of resources, products, income, and revenue among economic decision makers that focuses on the primary interaction in a market economy (between households and firms) - circular flow model a diagram which illustrates the different combinations of products a society has the potential (ability) to produce - Production Possibility Frontier a market in which a good or service is bought and sold - product market a market in which a resource is bought and sold (most...