Question-1 Refer to the circular flow model below. Incomes of Resources diture of Firms Factor productive Market Productive Resources Resources Firms Consumers Goods Goods and Services Product and Services Market Revenue of Firms Consumption Expenditure Fig 10 a. With reference to the figure, explain how the economy can be modelled in a circular flow pattern? b. In the resource market: i. What is the role of firms? ii. What is the role of households? c. Give three examples of resource markets: 1 . ji . 111 d. What would happen if the government decides to equalise the incomes accruing to all households? [Hint: Think in terms of the trade-off]