Short Answer
Figure 1.2
Using the figure above, identify the labeled part.
-Label P: ______________________________
Definitions:
Product Market
The marketplace where final goods or services are traded between sellers and consumers.
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.
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