[ Choose microeconomics [ Choose ] model [ Choose ] monetary policy [ Choose ] private enterprise [ Choose ] scarcity [ Choose ] specialization [ Choose ] theory [ Choose ] traditional economy [ Choose ] underground economy [ Choose ] Q Search LOCOFOCODO 9:11 PM 3/12/2023 4gross domestic product GDP [ Choose ] imports [ Choose ] labor market [ Choose ] macroeconomics [ Choose ] market [ Choose ] market economy [ Choose ] microeconomics [ Choose ] model [ Choose ] monetary policy [ Choose ] private enterprise [ Choose ] scarcity Q Search 9:11 PM 3/12/2023 4Pair items in the left column with items in the right column. This question may include a different number of items in the questions column and in the answers column. circular flow diagram Shows the flow of products, n command economy [ Choose ] division of labor [ Choose ] economics [ Choose ] economies of scale [ Choose ] exports [ Choose ] fiscal policy [ Choose ] globalization [ Choose ] goods and services market [ Choose ] Q Search 9:09 PM 3/12/2023 4Goods and services made abroad and then sold domestically. 1 Key Vocabulary Typically an agricultural economy where things are done the same as they have always been done. The situation where an individual, a firm, a region, or a nation concentrates production on one or a small number of goods and services pm System where private individuals or groups of private individuals own and operate the means of production. A system in which resources are publicly owned and government uses central economic planning to direct and coordinate the economy tions Shows the flow of products, resources, and money between households and firms. A market in which firms are sellers of what they produce and households are buyers. Trend away from distinct national economic units and toward one huge global market. The total market value of all final goods and services produced annually within a country. An economic system in which individuals own most economic resources and markets and prices allocate those resources. A representation of a situation that is simplified while including enough of the key features to help us understand the situation. The market in which households sell their labor as workers to business firms or other employers. Central bank's policy designed to influence interest rates and to facilitate price stability, full employment, and economic growth. he left column with items in the A tool for ascertaining cause and effect within the economic system. Any institution or mechanism that brings together buyers and sellers of a particular good or service. uestions column and in the ans A market where the buyers and sellers make transactions in violation or one or more government regulations. The social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity. The situation when a firm's ATC of producing a product decreases in the long run as the firm increases its plant. agram Shows the flow of products, ri v nomy [ Choose ] [ Choose ] [ Choose ] scale [ Choose ] Q Search 9:34 PM 3/12/2023 4Changes in government spending and tax collections designed to achieve full employment, price stability, and economic growth. The part of economics concerned with the performance and behavior of the economy as a whole. Sale of products produced in one country to residents of another country. Goods and services made abroad and then sold domestically. Typically an agricultural economy where things are done the same as they have always been done. The situation where an individual, a firm, a region, or a nation concentrates production on one or a small number of goods and services System where private individuals or groups of private individuals own and operate the means of production. A system in which resources are publicly owned and government uses central economic planning to direct and coordinate the economy Shows the flow of products, resources, and money between households and firms. A market in which firms are sellers of what they produce and households are buyers. Trend away from distinct national economic units and toward one huge global market. in the The total market value of all final goods and services produced annually within a country. An economic system in which individuals own most economic resources and markets and prices allocate those resources. he ans A representation of a situation that is simplified while including enough of the key features to help us understand the situation. The market in which households sell their labor as workers to business firms or other employers. Central bank's policy designed to influence interest rates and to facilitate price stability, full employment, and economic growth. Shows the flow of products, r v [Choose ] [ Choose ] [ Choose ] [ Choose ] 9:12 PM 3/12/2023 4