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In the circular flow model, the market economy creates continuous, repetitive flows of goods and services, resources and money. In this model, households spend income in the product market. According to the circular flow model, households buy the goods and services that businesses make available in the product market. Moreover, In the circular flow model, businesses will buy resources from and sell products to households and other businesses. In this way: The function of businesses in the circular flow model is purchase resources and sell products.
Explanation:
The Renaissance was a fervent period of European cultural, artistic, political and economic “rebirth” following the Middle Ages.
Taking place from the 14th century to the 17th century.
The Renaissance period cultivated a new change in art, knowledge, and culture. It changed the way the citizens thought, with first the rediscovery of classical philosophy, literature, and art, as well as the new discoveries in travel, invention, and style.
