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Unit 1: Basic Economic Concepts

Explore the Circular Flow Model including the Product Market where goods are sold and the Resource Market where resources are exchanged. Learn about demand, supply, costs, income, factors of production, and more.

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Unit 1: Basic Economic Concepts

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  1. Unit 1: Basic Economic Concepts

  2. The Circular Flow Model The Product Market- • The “place” where goods and services produced by businesses are sold to households. The Resource (Factor) Market- • The “place” where resources (land, labor, capital, and ent.) are sold to businesses.

  3. DEMAND Resource Market SUPPLY $$$ Costs $$$ $$$ Income $$$ Resources Resources (Factors of Production) Individuals Businesses Goods and Services Goods and Services $$$ Spending $$$ $$$ Revenue $$$ SUPPLY DEMAND Product Market 3

  4. Free Response Questions When you do a FRQ don’t forget to R.O.L.L.: READ the entire question first ORAGANIZE your answer LIST your answers like the question LABEL everything

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