Examlex
Computer programs typically perform three steps: Input is received, some process is performed on the input, and output is produced.
Products
Goods or services that are created through a process of production and offered in the market to satisfy consumer needs or wants.
Resource Markets
Markets where factors of production (like labor, land, and capital) are bought and sold.
Households Incomes
Refers to the total amount of money earned or received by all members of a household, encompassing wages, salaries, benefits, and other income sources.
Circular Flow Model
An economic model illustrating the continuous flow of goods, services, and money between households and businesses in an economy.
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