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 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
