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Chapter 1 What Is Economics? Splash Screen

The Circular Flow of Economic Activity Markets are locations/mechanisms for buyers and sellers to trade. They are classified as local, regional, national, global, and cyberspace.  A factor market is where people earn their incomes. Factor markets center on the four factors of production: land, capital, labor, and entrepreneurs.  A product market is where people use their income to buy from producers. Product markets center on goods and services. Click the mouse button or press the Space Bar to display the information. Section 2-13

The Circular Flow of Economic Activity (cont.) Figure 1.3 Click the mouse button or press the Space Bar to display the information. Section 2-14

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