Please answer the following questions a true or false. There are three economic actors in our circular ow model: households, rms and markets.

Please answer the following questions a true or false.

1. There are three economic actors in our circular flow model: households, firms and markets.

2. The ultimate goal for households is to acquire goods and services.

3. The ultimate goal for firms is to acquire land, labor and capital.

4. The following are all factors of production – land, labor, capital, and goods and services

5. Firms own the factors of production.

6. The product market is where households get wages, interest, and rents.

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