Slide 1The Market Phenomenon How is the market economic system and the circular flow model linked? Slide 2 Objectives Understand and explain a market and its role in the…

Slide 1Factor Markets Unit IV Slide 2 Basic concepts Similar to those of: – supply and demand –And product markets –Same concepts with new application Slide 3 Circular…

Slide 1MONEY Slide 2 3. Money with intrinsic value is called a. local money b. fiat money c. legal money d. bullion money e. commodity money Slide 3 4. The most liquid form…

Slide 1THE CIRCULAR FLOW MODEL Slide 2 Slide 3 Slide 4 Slide 5 Slide 6 Complicating the Model Slide 7 Slide 8 Slide 9 Slide 10 Slide 11 1. Goods and services flow from a.…

Slide 1 Ch. 8: Factor Market Slide 2 Derive demand §The demand for any factor of production is a derived demand since it is derived from the demand for the product it helps…

Slide 1 © Pilot Publishing Company Ltd. 2005 Chapter 13 Factor Market Slide 2 © Pilot Publishing Company Ltd. 2005 Contents: Factor Demand Factor Supply Other Points to…

Slide 1 Slide 2 JEOPARDY! Inflation Labor(No) Jobs… Math! Alex Trabeconomics GDP and the flow of spending and income. 100 200 300 400 500 Slide 3 A sustained increase in…

Slide 1 Labor and the Factor Market Slide 2 Factor Market The factor market includes Land, Labor, and Capital. – Land: The space needed to do work, as well as the natural…