ECON 1010 Chap 2 Book Notes.docx

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ECON 1010
John Brock

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ECON 1010 Book Notes Chapter 2 Circular-Flow Diagram Work Money Firms Households Money Goods -This diagram shows how money is given to households from the firms for their time and work. Then the households give money back to the firms in trade for goods produced. A simple but accurate view of how money travels. PPF (Production Possibilities Frontier) -Used to show the combinations of output that the economy can possibly produce given the available factors of production and the available produ
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