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Product market provide examples - PowerPoint PPT Presentation

BASIC ECONOMIC CONCEPTS

BASIC ECONOMIC CONCEPTS. 1-What are economic products? Goods and services that are useful, relatively scarce and transferable to others. They help us satisfy our wants and needs. Why do they command a price? Because they are both scarce and useful, they command a price.

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Firm

Factor Payments interest, Profit, Rent, Wages. Household Income. Resources. Factor Market. Capital, Entrepreneurship, Land, Labor. Taxes. Purchase of goods/services. Households. Household income, interest. Taxes. Firm. Governmen t. Goods and Services. Goods and Services. Purchases.

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Product market provide examples - PowerPoint PPT Presentation

BASIC ECONOMIC CONCEPTS

Firm