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factor payments - 🧠ANSWER ✔✔the income people receive for supplying
factors of production, such as land, labor, or capital
profit - 🧠ANSWER ✔✔total revenue minus total cost
standard of living - 🧠ANSWER ✔✔level of economic prosperity
innovation - 🧠ANSWER ✔✔An improvement of an existing technological
product, system, or method of doing something.
household - 🧠ANSWER ✔✔a person or group of people living in the same
residence
firm - 🧠ANSWER ✔✔an organization that uses resources to produce a
product, which it then sells
factor market - 🧠ANSWER ✔✔the arena of exchange in which firms
purchase the factors of production from households
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