Recognizing Markets and Circular Flows

Recognizing Markets and Circular Flows Submit the assignment by 11:59 PM PT Sunday of Module 1. During our daily living in a market-based economic system, each of us consumes goods and services and we own the resources used in their production. We provide land, labor, and capital to businesses and receive payments for those resources. In this assignment, you will design a graphic depicting the circular flows between businesses and households and between resources and product markets. Then, you will write a 1- to 2-page analysis of how you operate in both the resource market and the goods/services market during any typical day. Step 1 Review the module readings, videos, and discussion. Then, use the ACE LibraryLinks to an external site. and other scholarly or professional sources to conduct additional research focusing on an analysis of the circular flow model. Step 2 Imagine yourself as a daily participant working and playing in the economy. Using your research and analysis, construct a original digital illustration depicting a circular flow model illustrating the flows between businesses and households and between resources and product markets. Step 3 Write an analysis referring to the illustration and explaining how you: provide a resource, earn compensation from this provision, purchase and consume goods and services with this compensation, and utilize the circular flow model. Include APA-formatted in-text citations from at least two scholarly or professional sources to support your analysis. Step 4 Submit your APA-formatted title page, 1- to 2-page analysis, your circular flow model illustration, and a reference page.