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MARKETING: The ongoing process of developing, pricing, promoting, distributing, and packaging products, ideas, and services to satisfy customersÕ wants and needs in a dynamic environment. Sometimes used interchangeably with sales is a misnomer. Sales, while a component of the promotion mix variable, is not the equivalent to marketing. Marketing is a broad, integrated strategy that transcends the entire organization.
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Lesson 11: Circular Flow | Unit 1: Basic Flow
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Page: 5 of 22
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Topic:
The Payment Flow
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The payment flow goes in the opposite direction of the physical flow. A physical commodity goes one direction through markets and payment goes the other.- The household sector buys production from the business sector (counter-clockwise flow) in exchange for payment (clockwise flow) through product markets.
- The business sector buys resources from the household sector (counter-clockwise flow) in exchange for payment (clockwise flow) through factor markets.
- Revenue received by the business sector for selling goods is used to pay the factors of production.
- Factor payments become income used by household sector to buy production from the business sector.
- The circular flow makes about six cycles around the economy each year.
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RESOURCE MARKETS Markets that exchange the services of the four factors of production--labor, capital, land, and entrepreneurship. The buyer of factor services is business sector. The seller of these services is the household sector. The study of macroeconomics is concerned with imbalances in the resource markets, especially surpluses and the resulting unemployment of resources. The resource markets, also termed factor markets, are one of three primary sets of macroeconomic markets. The other two are product markets and financial markets.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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In the early 1900s around 300 automobile companies operated in the United States.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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BN
Bank Note
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