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Macroeconomics,[object Object],Week 4,[object Object]
CIRCULAR FLOW DIAGRAM,[object Object],is a visual model of the economy that shows how money flows through markets among households and firms. ,[object Object]
PRODUCTION,,[object Object],RESOURCES, &,[object Object],INCOME,[object Object],FACTORS OF PRODUCTION,[object Object],[object Object]
 Labor (labor)
Capital (interest) ; and
Entrepreneurship (profit),[object Object]
PRODUCTION UNITS &,[object Object],AND CONSUMPTION UNITS	,[object Object],[object Object]
 HOUSEHOLDS are resource owners (land, labor, capital, entrepreneurship)
 FIRMS produce goods and services by utilizing the economic resources.,[object Object]

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