Examlex
_______ are a specific form of custom and relate to the norms for the conduct of everyday life.
Market
A forum where buyers and sellers come together to exchange goods, services, or information.
Goods and Services
Goods and services encompass all the physical items and intangible benefits that are produced and consumed to satisfy human wants and needs.
Factors of Production
Factors of production are the inputs used in the production of goods or services in the attempt to make an economic profit, including labor, capital, land, and entrepreneurship.
Circular-Flow Model
The circular-flow model is an economic diagram that illustrates how households and firms interact through markets for products and resources, depicting the continuous flow of money and resources.
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