Examlex
In a simple model of the supply and demand for pizza, the endogenous variables are:
Households
Economic units consisting of all the people who occupy a housing unit, making decisions about resource allocation, consumption, and labor supply.
Goods and Services
Physical items (goods) and intangible benefits (services) that fulfill human wants or needs.
Factors of Production
Resources used in the production of goods and services, traditionally categorized as land, labor, capital, and entrepreneurship.
Circular-Flow Diagram
An illustrative depiction of the economy, highlighting the movement of currency among firms and households within different markets.
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