Examlex
In Pavlov's experiments,the taste of food triggered salivation in a dog.The food in the dog's mouth was the
Circular Flow Model
An economic model that illustrates the flow of goods and services and money between sectors of the economy.
Income
The monetary payment received for goods or services, or the profit earned on investments, over a period of time, which can influence economic behavior and standard of living.
Command Economy
An economic system where the government or a central authority makes all decisions regarding the production and distribution of goods and services.
Market Economy
An economic system in which supply and demand from consumers primarily control the production and distribution of goods and services.
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