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Who is Henry Fielding and what important contributions did he make to social and criminal reform in 18th-century London? Who is Sir Robert Peel and what are the principles of Peelian reform?
Goods and Services
The tangible products (goods) and intangible activities (services) that fulfill the needs or wants of consumers.
Factor Market
A marketplace where factors of production (e.g., labor, capital) are bought and sold.
Circular-Flow Diagram
A graphical outline that tracks the flow of monetary resources through markets, between companies and household sectors.
Households
Economic units consisting of all individuals who live together and make joint decisions regarding consumption and other financial matters.
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