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Answer the following questions:

(1) Which two sectors of the economy are represented in the circular flow model? Which two markets are shown in the circular flow model?

(2) The circular flow model includes two circles and those circles flow in opposite directions. What do those circles represent?

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Mahe Alam
Mahe AlamLv10
28 Sep 2019

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Related questions

Outline the flow of goods and resources to and from economic decision-makers. One way to understand how the economy works is the circular flow model. This model demonstrates the flow of resources, goods, services, and income between households and businesses through the resource market and the market for goods and services. In a few paragraphs, please:

1) Identify the primary economic decision-makers.

2) Describe how money and resources are exchanged in the resource market, indicating who gets the resource, and who gets the income.

3) Describe how money, goods, and services are exchanged in the product and services market, indicating who receives the goods and services, and who gets the income.

4) In addition, give a brief description of any other participants in an economy that are not represented in this simple model.

Refer to the Circular Flow model resources provided below:

The Circular Flow Diagram; http://econperspectives.blogspot.com/2008/04/circular-flow-diagram.html

Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

http://study.com/academy/lesson/circular-flow-of-economic-activity-the-flow-of-goods-services-resources.html

Resource Market: Definition & Overview; http://study.com/academy/lesson/resource-market-definition-lesson-quiz.html

In addition, it should be written well using correct grammar, and references need to be properly APA formatted

Outline the flow of goods and resources to and from economic decision-makers:

One way to understand how the economy works is the circular flow model. This model demonstrates the flow of resources, goods, services, and income between households and businesses through the resource market and the market for goods and services. In a few paragraphs, please:

1) Identify the primary economic decision-makers.

2) Describe how money and resources are exchanged in the resource market, indicating

3) Who gets the resource

4) Who gets the income

5) Describe how money, goods, and services are exchanged in the product and services market, indicating

6) Who receives the goods and services

7) Who gets the income

8) give a brief description of any other participants in an economy that are not represented in this simple model

Refer to the Circular Flow model resources provided below:

The Circular Flow Diagram; http://econperspectives.blogspot.com/2008/04/circular-flow-diagram.html

Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

http://study.com/academy/lesson/circular-flow-of-economic-activity-the-flow-of-goods-services-resources.html

Resource Market: Definition & Overview; http://study.com/academy/lesson/resource-market-definition-lesson-quiz.html

In addition, it should be written well using correct grammar, and references need to be properly APA formatted

In the circular flow model, what are the two markets? Define households and describe the three basic forms of businesses. What roles do households play and what roles do businesses play in each market?

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