One way to understand how the economy works is the circular flow model. This model demonstrates the flow of resources, goods, services, and income between households and business through the resource market and the market for goods and services.

• Identify the primary economic decision makers.
• Describe how money and resources are exchanged in the resource market, indicating:
  • Who gets the resources?
  • Who gets the income?
• Describe how money, goods, and services are exchanged in the product and services market, indicating:
  • Who receives the goods and services?
  • Who gets the income?
• In addition, give a brief description of any other participants in an economy that are not represented in this simple model.

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