1. According to the diagram on 10.5, in which markets do businesses give mone-income payments to households in exchange for their productive resources?

The diagram shows that resource markets give money-income payments to households in exchange for their productive resources.

 

2. In which markets do households give money payments to businesses in exchange for goods and services?

The product markets give money payments to businesses in exchange for goods and services

 

3. What did Econos represent in the simulation?

2.Econos represent goods and services that households need; such as natural, capital, and human resources.

 

4. Give an example of a productive resource that households sell to the government.

A productive resource that households sell to the government are natural resources.

5. Give an example of a good or service that businesses sell to government.

A good or service that businesses sell to the government include military and technology.

 

6. Give an example of a good or service that government provides to households in exchange for money payments, mainly taxes.

Government provides roads or services, laws, and benefits that help households in exchange for money payments.

 

7. Give an example of a good or service that government provides to businesses in exchange for money payments, mainly taxes.

A service that government provides to businesses in exchange for money payments include welfare programs or the red cross

 

8. How do individuals and families in households depend on people in business?

Individuals and families depend on people in business to provide products that are expected from businesses.

 

9. How do businesses depend on individuals and families in households?

Businesses depend on individuals and families in households to buy their products in store.

 

10. What is the role of government in the circular flow of the economy?

The role of the government is to collect taxes and distribute it around to balance.

 

11. What is the one main conclusion that you can draw from taking part in this activity that will benefit you in the future?

One main conclusion that I can draw from taking part in this activity that will benefit me in the future is learning how the circular flow of businesses and government work and learning how economics in general work by profit.