Economics - From Booklet Flashcards
1
Q
Consumers
A
Are those who purchase goods and services for personal use
2
Q
Producers
A
Are those who make and sell goods and services.
3
Q
Financial Sector
A
Has the role of holding savings, lending money to consumers and producers and pay taxes to gov
4
Q
Circular Flow of Income Model (draw)
A
Go to book or sketches
5
Q
Households Role
A
Households consume goods offered by firms, and offer firms factors so firms can produce products for households