Draw, label and explain the Circular Flow Model (CFM). Include the following: firms, households, product market, and factor (or resource) market. Who owns the productive resources? What are those resources?
What payment does each type of resource earn?
Explain the two markets in the CFM and explain the roles that firms and household each play in the CFM.

Although gdp is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating gdp for the united states? check all that apply. the value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government the variety of goods available to consumers funds spent by city governments to renovate their buildings the costs of air and water pollution when a u.s. company purchases and imports electronic parts from china to use to produce mp3 players within the united states, this purchase increases the component of gdp while also net exports by the same amount. therefore, the purchase of electronic parts from china causes in us gdp.