answer the questions at bottom

Fill in the blank lines on the circular ow model below in 1a, 1b. 1c. and 1d Circular Flow Model practice activity Directions: Answer the questions below 2. in the resource market: a. What is the role of rms? b. What is the role of households? 3. In the product market: a. What is the role of rms? b. What is the role of households? 4. Give three examples of resource markets: 5. Give three examples of product markets: 6. What determines the amount of income a household will earn in the resource market? Why do some households earn higher incomes than others? 7. What determines the amount of money a rm will earn in the product market? Why do some rms earn so much more money than others in a market economy? 8. What is the goal of a household in a market economy? Based on this simple goal, what is the best way for a household to achieve it? 9. What is the goal of a firm in a market economy? How can a rm best achieve this goal? 10. What makes the exchanges that take place in a market economy \"mutually benecial\" 11. What role does money play in the circular ow model? 12. As we know, there is no pure free market in the world. How does the government intervene in a market economy? 13. in the space below, create your own diagram of a mixed economic system based on the original market economy. Hint: It is easiest to put the government in the center