CircularFlowModel_Worksheet (2)

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University of the Fraser Valley *

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133

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Economics

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Feb 20, 2024

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Chapter 2: Circular Flow Model Read each example below and then indicate:  Which market the good/resource is coming from (record Product or Resource in the first column)  Who is selling the good/resource (record Business or Household in the second column)  Who is buying the good/resource (record Business or Household in the last column) Scenario (1 ½ points for each row) Which Market? (Product or Resource) Who is Selling? (Business or Household) Who is Buying? (Business or Household) 1. E & W Poultry Farm purchases 25 acres of your land to build commercial chicken barns. resource household business 2. Ford produces pickups for sale to consumers. product business household 3. Franc’s Beauty Shop hires another hairdresser. resource business business 4. Julia purchases a beautiful watch for her brother’s birthday present. product household household 5. Kate pays for tickets to a concert. product business household 6. Levi receives income from rental properties that are occupied by local businesses. resource business household 7. Max Fitness Center pays its personal trainers every Friday. resource household business 8. The Kansas City Chiefs receive money from season ticket sales. product business household 9. What resources are owned by households? (2 pts) Capital, land, labor, and entrepreneurship are all economic resources owned by households. 10. Based on your future profession, describe your role within the circular flow model. Provide specific examples of how you might interact with the product market and with the resource market. Your answer should address how interdependency relates to the circular flow. (4 pts) As a future entrepreneur, I hope to get to the point of hiring and paying others to help my product expand. 11. Draw your own circular flow diagram. Label the resource market, product market, businesses, and households. Show which way the resources and goods flow and which way the money flows. Draw it on a separate piece of paper. Take a picture of it to submit at the assignment page. (6 pts)

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