-Product Market: place where goods and services are produced by businesses
-Factor Market: place where households sells resources and businesses buy resources
-Firms: organization that produces goods and services for sale
-Households: a person or a group of people that share their income
sells factor os production to businesses
-This diagram is similar to the handout we received in class except it excludes some detail such as: P xQ = Total Revenue, Goods and Services going from firms to the Product market is supply, and etc.
-A Supplemental video that I recommend because it is broken down pretty well.
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