Abeka economics quiz 8. The trait of doing quality work in an efficient manner. In...

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Terms in this set (5)As seen in a circular flow model of a free enterprise economy, the markets two components are the resource market and the product market. A subsistence economy is am economic system that provides barely enough to keep a society alive. Abeka Economics Work&Prosperity 3rd Edition Learn with flashcards, …Study with Quizlet and memorize flashcards containing terms like Each firm in a market that is perfectly competitive is known as a(n) _____taker, A firm that has a monopoly produces goods for which there are no close _____, A(n) _____monopoly is one that is granted by government and more.Consumer good. an item produced to directly satisfy people's wants. Good. A tangible item for which people will pay. Need. Something difficult to live without. Service. An intangible item for which people will pay. 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