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| A table or chart explaining the relationships between pairs of variables, also called a schedule. |
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| A table or chart explaining the relationships between pairs of variables, also called a tabular model. |
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| A graph formed by the plotting of data involving two variables & the connecting of the resulting points to form a line of infinite information from the data. |
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| Production Possibilities Curve (PPC) |
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| A model that enables an economist to see the maximum feasible amounts of two commodities that a business can produce when those items are competing for that businesse's limited resources. |
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| A model depicting the flow of economic goods & services between households, business firms, the government, & financial markets. |
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| The total expenditures made by all households. |
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| The resources used in producing the nation's GDP: land, labor, financial capital, & entrepreneurship. |
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| The factor of production denoting all the natural resources that go into the production of goods. |
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| The factor of production denoting all human effort that goes into the creation of goods & services. |
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| The tools business firms use to produce goods & services. |
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| The factor of production denoting the activity of creatively combining natural resources, human labor, & financial capital in |
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| The payments business firms make in exchange for the factors of production. |
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| Payment for the use of an owner's property. |
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| Factor costs involving all paymetns for labor used to produce goods or services. |
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| An additional charge that a creditor demands from a borrower to cover the expense of the loan & to provide a profit; the factor cost involving the payments made on borrowed money. |
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| Factor cost involving the rewards entrepreneurs receive for successful risk taking. |
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| Payments of money or goods from the government to individuals for which no specific economic repayment is expected. |
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| A situation in which a government, business firm, or individual receives less income than is paid out in expenses. |
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| A situation in which a government, business firm, or individual receives more income than is paid out in expenses. |
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| The vast collection of financial institutions that receive deposits of excess funds from households & that lend to business firms; includes commercial banks, savings & loan associations, credit unions, insurance companies, finance companies, & stockbrokerage firms. |
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| The action of withdrawing money from an account or borrowing money. |
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| A situation in which governmental borrowing reduces the financial capital available to business firms. |
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