decision making units consumption and production
TRANSCRIPT
DECISION MAKING UNITS
CONSUMPTION
and
PRODUCTION
Market• 1. an open place or a covered building where buyers
and sellers convene for the sale of goods; a marketplace: a farmers' market.
• 2. a store for the sale of food: a meat market.
• 3. a meeting of people for selling and buying.
• 4. the assemblage of people at such a meeting.
• 5. trade or traffic, especially as regards a particular commodity: the market in cotton.
MARKETS
RESOURCE / FACTOR
MARKET
PRODUCT / OUTPUT
MARKET
WHERE FIRMS/BUSINESSES BUY THEIR RESOURCES
WHERE FIRMS/BUSINESSES SELL THEIR PRODUCTS TO HOUSEHOLDS
FIRM’S PERSPECTIVE
HOUSEHOLD’S PERSPECTIVE
ECONOMIC CIRCULAR FLOW
GOVERNMENT INVOLVEMENT
GOVERNMENT