Assignment:
Course Learning Objective:
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 business through the resource market and the market for goods and services. In a few paragraphs, please:
1. Identify and describe the primary economic decision makers.
2. Describe how money and resources are exchanged in the resource market, indicating
a. Who gets the resource
b. Who gets the income
3. Describe how money, goods, and services are exchanged in the product and services market, indicating
a. Who receives the goods and services
b. 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 (don’t forget to address this requirement. Refer to our textbook regarding economic decision makers; who is not represented in the circular flow model? What roles do these participants play in the flow of resources?)
A minimum of 600 words (about 150 words for each question) is required in addressing the task requirements this week. Please ensure you are providing support for your answers and clearly demonstrating a full understanding of the concepts in the assignment!
Refer to the Circular Flow model discussed in the textbook and lecture and the resources provided below
The Circular Flow Diagram;
https://econperspectives.blogspot.com/2008/04/circular-flow-diagram.html
Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
https://study.com/academy/lesson/circular-flow-of-economic-activity-the-flow-of-goods-services-resources.html
Resource Market: Definition & Overview;
https://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