economics review, pt. 2
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Economics Review, pt. 2. Fall 2008. Production Possibilities Curve. Efficient. Unattainable. Product 1. Inefficient. Product 2. Circular Flow Model. Goods & Services Market. Revenue. Spending. Provides Goods & Services. Purchase Goods & Services. Firms. Households. - PowerPoint PPT Presentation
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Economics Review, pt. 2
Fall 2008
Production Possibilities Curve
Circular Flow Model
Goods & Services Market
Factors Market
Households Firms
Supp
ly R
esou
rces
LLCE
Purchase
Goods &
Services
Prov
ides
Goo
ds &
Ser
vice
s
Hire Resources
Inco
me W
ages
Reven
ue Spending
Demand Curve
Change in Quantity Demanded- Price Effects -
Change in Demand- Non-Price Effects -
Supply Curve
Change in Quantity Supplied- Price Effects -
Change in Supply- Non-Price Effects -
Market Equilibrium
Change in Demandfrom Market Equilibrium
Change in Supplyfrom Market Equilibrium
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