Title: Describe the circular flow of economic activity.
Course: Economics and Personal Finance (19262-I) > Section: Understanding the Role of Producers and Consumers in a Market Economy

Description should include

- defining the terms household, firms, product market, factor market, factor payment, factors of production
- analyzing the government’s role in economic activity
- explaining that a nation’s overall levels of production, income, employment, and prices are determined by the interaction of spending and production decisions made by individuals, businesses, and government
- illustrating how one person's spending is another person’s income
- clarifying the way in which resources, goods and services, and money flow among individuals, businesses, and governments in the market economy.