circular model - represents transactions within an economy
goods and services flow clockwise
1. resource/factor market - place where households sell resources and businesses buys resources.
2. product market - place where goods and services are produced and are bought and sold to the household.
economic actors:
1. household - person or group of people that share their income.
2. government
3. firms - organization that produces goods and services for sale.
UNIT 2 CH. 2/5/6 CIRCULAR MODEL NOTES
Subscribe to:
Post Comments (Atom)
see if you can add a chart from Google to better show the circular flow of the information. It will help show the role of the markets and the factor of the chart. Hope it helps
ReplyDeleteSeeing the information from the circular model written out like this actually helped me more than the actual model. Maybe because the model just has so much information showing that I'm not able to properly absorb all of it, but reading the flow of the model rather than seeing it helped me to understand it better.
ReplyDeleteYour written statements about the flow chart are very clear and concise. But me being a very visual person, would love to see the actual model if i were learning it again.
ReplyDeleteI found it very helpful that you separated these notes from the rest. The notes were short, straight to the point and easy to understand. But I would add a chart to demonstrate the actual flow of the model.
ReplyDelete