O b. the interactions between households and firms in the free market. goods and services. What do businesses provide for consumers according to the circular flow model? Breaking down Circular Flow Diagram. how many firms can support the needs of how many households. In the circular flow of a market economy, the working model assumes that three sectors of a normal economy do not exist. Refer to the above diagram. Other. What three entities make up the circular flow model? 9th - 12th grade . A comprehensive database of circular flow quizzes online, test your knowledge with circular flow quiz questions. These are the financial sector, the … … Edit. Circular flow Diagram is a visual model of the economy that shows how dollars flows through markets among households and firms. b. government owns the factors of production. only goods. Circular Flow Model DRAFT. The circular flow model assumes: O a. businesses and households own the factors of production. In this market, businesses buy resources they need to produce goods and services. In this next series of images we build up the circular flow model from just having a domestic sector and then adding in an external sector (exports and imports) before including the financial sector which channels savings and hopefully provides the finance available to fund investment. The circular flow model of a market economy shows. answer choices . In the simple circular flow model: Businesses are sellers of final products. Learn vocabulary, terms, and more with flashcards, games, and other study tools. O a. One of the main basic models taught in economics is the circular-flow model, which describes the flow of money and products throughout the economy in a very simplified way. Edit. what inputs are required for what outputs. Building up the model. 0. Tags: Question 7 . answer choices . The model represents all of the actors in an economy as either households or firms (companies), and it divides markets into two categories: 30 seconds . Circular Flow Model DRAFT. 9th - 12th grade. Preview this quiz on Quizizz. Which one of the following statements is true? how profits are made. 0. The circular flow model shown in Figure 2.3 illustrates exchanges in two markets, the product market and the factor market. The two basic markets shown by the simple circular flow model are: Product and resource. Save. Our online circular flow trivia quizzes can be adapted to suit your requirements for taking some of the top circular flow quizzes. SURVEY . O c. businesses own the factors of production. answer choices . Tags: Question 5 . only services. Q. The economy consists of millions of people engaged in many activities—buying, selling, working, hiring, manufacturing, and so on. by msnoff. 71% average accuracy. 3 years ago. Played 428 times. The primary actors in the circular flow model are households and business firms—the two main components of the private sector in the U.S. domestic economy. msnoff. Refer to the above diagram. 428 times. The circular flow diagram is a basic model used in economics to show how an economy functions. Start studying Chapter 2: The Market System and the Circular Flow. 3 years ago. Process Chart Symbols Onedaystartsnow Co In the circular flow diagram saving quizlet. flow (1) represents: Wage, rent, interest, and profit income. taxes. In the circular flow diagram quizlet. Money flows from households to firms for resources. What drives the circular flow model? O d. households own the factors of production. Can be adapted to suit your requirements for taking some of the economy that shows dollars! Represents: Wage, rent, interest, and so on provide for consumers to! ( 1 ) represents: Wage, rent, interest, and other study tools flow quizzes online test. 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