Circular Flow Model:
It represents the transactions in an economy by flows around a circle.
Household:
A person or group of people that share an income.
Business/Firm:
An organization that produces goods and services for sale.
Factor( resource) market:
this is the market where factor of production are sold
- bought by firms sold by household
Product market:
market in which goods and services are bought and sold
I like how the layout of your blog is very natural, which brings more focus towards the actual content posted. However, you are missing notes on the factor payments: land (rent), labor (wages), capital (interest), and entrepreneurshi (profit). You should also consider adding visuals (images/pictures) and underlining/highlighting the content for better understanding key information when studying.
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