Describe how the interdependence of both households and firms is affected by trade, exchange, money, and banking:
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why voluntary exchange occurs only when all participating parties expect to gain from the exchange
role and interdependence of households, firms, and government in the circular flow model of economic activity
role of entrepreneurs in a market economy and how profit is an incentive that leads entrepreneurs to accept risks of business failure
financial institutions and securities markets
importance of rule of law in a market economy for enforcement of contracts