ECON Topic/Objective: Section 3 Name: Jack Joa Essential Question: What is Measurement of Economic Performance? Questions: Notes: Module 10 The Circular Flow & Gross Domestic Product The national income and product accounts, (often referred as the national accounts) -A household (consists of either an individual or a group of people who share their income) -A firm(organization that produces goods and services for sale, it also employs members of households) -Product markets are where goods and services are bought and sold. -Factor markets are where resources, especially capital and labor, are bought and sold. -Consumer spending- is household spending on goods and services. -a stock is a share in the ownership of a company held by a shareholder.