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Presentation Plus! Economics: Principles and Practices
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2. Chapter 1 What Is Economics?
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3. 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.
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Section 2-13

4. The Circular Flow of Economic Activity (cont.)
Figure 1.3
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Section 2-14

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