Gov/Econ

1. According to the diagram on 10.1, in which markets do businesses give money-income payments to households in exchange for their productive resources? The resource markets gives 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? Product markets gives money payments to businesses in exchange for goods and services.

 

3. What did Econos represent in the simulation? The econos in the simulation represented the products that were made from the resources

 

4. Give an example of a productive resource that households sell to the government. Households can sell their land to the government.

 

5. Give an example of a good or service that businesses sell to government. Some goods that businesses sell to the government are roads

 

6. Give an example of a good or service that government provides to households in exchange for money payments, mainly taxes. Households can get a loan from the government.

 

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

 

8. How do individuals and families in households depend on people in business? Individuals in households depend on people in business because the households are the ones consuming the products that the businesses produce.

 

9. How do businesses depend on individuals and families in households? Businesses depend on individuals and families in households because the families are the ones buying their products which allows them to buy more resources and produce more products for the households.

 

10. What is the role of government in the circular flow of the economy? The government gives out money income payments and money payments to both households and business

 

11. What is the one main conclusion that you can draw from taking part in this activity that will benefit you in the future? From this activity i learned that spending money on necessities will help me in the long run because if i invest on something i will expect to make profit and make much more money.