Question

In the circular flow model, multiple choice 1 resource markets provide for the exchange of labor and product markets provide for the exchange of goods and services. goods markets provide for the transfer of money and labor markets provide for the transfer of inputs. labor markets provide for the transfer of money and goods markets provide for the transfer of inputs. resource markets provide for the goods and services and product markets provide for the exchange of labor. b. In the circular flow model, multiple choice 2 businesses buy both goods and labor; households sell both goods and labor. businesses sell both goods and labor; households buy both goods and labor. businesses buy goods and sell labor; households sell goods and buy labor. businesses sell goods and buy labor; households buy goods and sell labor. c. In the goods and services portion of the circular flow model, there is a flow of multiple choice 3 real goods and services and a flow of output. real goods and services and a flow of money. real goods and services and a flow of labor. labor and a flow of money.

Answer 1

It should be noted that in the circular flow model, the resource markets provide for the exchange of labor, and product markets provide for the exchange of goods and services.

• The circular flow model simply shows how money moves in society. The three main actors in the circular flow of income are the households, firms, and the government.

• For example, in the model, the households give money to businesses after goods are bought. The government also taxes businesses. The businesses pay the people salaries, etc. It just shows how money moves in an economy.

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