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Two groups of well-trained rats were placed on extinction. One group was punished with a slap on the paw for each bar press, while the other group was not. The experimenters found that bar pressing
Circular-Flow Diagram
A visual model that illustrates the flow of goods and services and money between households and firms in an economy.
Household
An individual or group of people living together and making joint decisions regarding consumption and finances.
Circular-Flow Diagram
A visualization of the economy that shows how dollars flow through markets among households and firms, highlighting the interactions between product and resource markets.
Factor Market
A factor market is the marketplace where productive resources like labor, capital, and natural resources are bought and sold.
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