Homework Answers
Circular flow diagram shows the relationship between firm and household sector in simplistic economic model.
In this model, households are owners of the factors of production or resources. They supply these resources to firms which uses these resources to produce goods and services and then supplies these goods and services to households for consumption.
Firms pay factor income to households for factors of production while households pay price in monetary terms to firms for goods and services.
So,
According to the circular flow diagram, households buy goods and services from firms and firms buy resources from households.
The correct answer is the option (3) [goods and services, resources].
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