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ECON 1010 (102)
Lecture 8

ECON 1010 Lecture 8: Lecture 8
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Department
Economics
Course
ECON 1010
Professor
Laura K.Brown
Semester
Spring

Description
oS98 1. Factor Market: markets for the factors of production – households are sellers, and firms are buyers 1. Households provide the inputs that the firms use to produce goods and services 2. The circular-flow diagram offers a simple way of organizing all the economic transactions that occur between households and firms in the economy 3. The factors of production flow from households to firms, and goods and services flow from firms to households 4. Spending on goods and services flows from households to firms, and income in the form of wages, rent, and profit flows from firms to households The Circular-Flow Diagram
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