Examlex
Messages have two layers: the content layer and the relational layer.
Circular-Flow Diagram
A visual model that shows how goods, services, and money move through the economy in a continuous, circular flow between households and firms.
Money
A medium of exchange used to facilitate transactions for goods and services.
Goods and Services
The products and activities offered by businesses to satisfy economic needs or wants; goods are tangible items, while services are intangible acts or performances.
Factors of Production
Resources used in the production of goods and services, typically categorized into land, labor, capital, and entrepreneurship.
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