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True. The three parts of the circular flow of economics are: individual households, businesses, and government. False. True. Only individuals are consumers in an economy. False. True. The government is a producer of goods and services in a mixed-market economy. False. True.

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True

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  1. True The three parts of the circular flow of economics are: individual households, businesses, and government. False

  2. True Only individuals are consumers in an economy. False

  3. True The government is a producer of goods and services in a mixed-market economy. False

  4. True Only individual households pay taxes to the government in a mixed-market economy. False

  5. True The government supplies itself with all the resources it needs in a mixed-market economy. False

  6. True Labor is a human resource that is produced by individual households and used (consumed) by businesses. False

  7. True In a mixed-market economy, only businesses provide individual households with goods and services. False

  8. True Individual households, businesses, and the government are all producers in a mixed-market economy. False

  9. Unit 2: The Mixed Market Economy EC2.1– Describe the circular flow of resources, goods and services, and money in the US economy.

  10. Resources… Goods and Services… and Money… … flow continuously among Households Businesses Government

  11. Individual Households own the resources used in production; • sell the resources; • and use the income to purchase products. • Businesses (Producers) buy resources used in production; • sell the products; • and use the income to purchase more resources. • Governments use tax revenue from individuals and businesses to provide public goods and services.

  12. Households supply businesses with labor (workforce) and payments for goods and services Businesses provide households with income and goods and services.

  13. Households provide government with labor (workforce) and taxes. The government provides households with income and public goods and services.

  14. The government supplies businesses with public goods and services and payments for products purchased. Businesses provide the government with taxes and goods and services.

  15. Click the arrow to return to the anticipation guide.

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