mr gerdes ap macroeconomics the circular flow of economic activity n.
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Mr. Gerdes AP Macroeconomics The Circular Flow of Economic Activity. Circular Flow Concepts. Product Market – where goods and services are exchanged. Households – suppliers of the factors of production & demanders of goods and services.

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circular flow concepts
Circular Flow Concepts

Product Market – where goods and services are exchanged

Households – suppliers of the factors of production

& demanders of goods and services

Government – providers of public goods and services &

demanders of both private goods and services

and the factors of production

Businesses / Firms – suppliers of goods and services

& demanders of the factors of production

Factor Market – where the factors of production

are exchanged

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Product Market

<<<<Goods and Services <<<<

>>>$ Household Spending $>>>

<<<goods & services<<<

<<<public goods<<<

>>$ government spending $>>

>>$ taxes $>>>

>>>public goods>>>

>>>factors of production>>>

<<$ taxes $<<

<<$ factor payments $<<

Government

Businesses / Firms

Households

<<<$ Rent, wages, interest & profits $<<<

>>>> Land, labor, capital & entrepreneurship >>>>

Factor Market