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In a Simple Circular-Flow Diagram, the Two Types of Markets

question 168

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In a simple circular-flow diagram, the two types of markets in which households and firms interact are the markets for goods and services and the markets for factors of production.


Definitions:

Biogeographical

Pertaining to the distribution of plants and animals in different regions and ecosystems across the world.

Cenozoic Era

The current geological era, beginning 66 million years ago, following the mass extinction of the dinosaurs and characterized by the rise of mammals.

Comparative Morphology

Scientific study of similarities and differences in body plans.

Morphological Convergence

Evolutionary pattern in which similar body parts (analogous structures) evolve separately in different lineages.

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