17. In this model, how is the government similar to households? 18. How could you modify this diagram to show the relative sizes of the revenues and payments among businesses, the government, and households?\fSECTION READING STUDY GUIDE 3 Market Economies . Before You Learned Governments exert protection of private property rights, voluntary different amounts of control in different types exchange in markets, competition, consumer of command economies. sovereignty, specialization, and minimal . Now You Will Learn To function well, government involvement in most markets. market economies require the following:9. Definition Market: a placewhite gooods and services are 8.product exchanged. Market 12. and services Buyers and 1. Private Markets don't work without Privale Where should be 7. Property Property Sell goods allowed to co 6. rights What Ony did Minimum Consumers best at doing. 2. Government should have the Market Household Businesses Economies (Individuals) power5. Compelilion is Voluntary 13. 3 how to make 4. exchange Sellers allowed ad, labor to maximize rpreneurs Provide land, S 14. How the capital, enter 10. Circular Flow Model Works 11. Definition Factor Market: Where land labor, capital $ entrepeneurship are exchanged for money