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6 product and resource markets-giving examples

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6 product and resource markets-giving examples

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Product Market Examples:

1. Automotive Industry

2. Technology Industry

3. Fast Food Industry

Resource Market Examples:

1. Labor Market

2. Real Estate Market

3. Commodity Market

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1. There are only two sectors in the economy; household sector and business sector.

2. No government interventions over the economic activities.

3. Business sectors do not carry out any import or export activities, creating a closed economy.

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1. Real flows

Physical flows refer to the transfer of goods and services from one sector of the economy to another. There is a physical transfer of goods and services between two sectors, households and businesses. Therefore, it is also referred to as product flow or physical flow.

2. Money flows

In the money flows, money is used as a medium of exchange and facilitates transactions by valuing them in monetary terms

Money flow refers to the circulation of money through various economic agents in an economy.

It represents the monetary transactions that occur between households, businesses, and the government.

Real flow refers to the movement of goods and services between producers (businesses) and consumers (households) in an economy.

It represents the physical exchanges of goods and services for consumption and production purposes.

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1. What are sectors?/ the name of the 5 sectors

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1. What are sectors?/ the name of the 5 sectors

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In order to accomplish economic activities requires the engagement between different groups which each group is called a sector. There are five main sectors linked in an economic model which is known as the circular flow of income, including the household sector, business sector, financial sector, government sector, and international/overseas sector. However, the assumption needs to start from a two-sector model, household and business sectors, before establishing a five-sector model.

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5. Equilibrium in the 2 sector model---what is it?

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5. Equilibrium in the 2 sector model---what is it?

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In the context of macroeconomics, a two-sector model is a simple representation of an economy which is divided into two main sectors: the household sector and the business sector. In this model, households provide factors of production (like labor and capital) to businesses, and businesses produce goods and services that households consume.

In this model:

Y represents the total output or income in the economy. This is essentially the sum of all goods and services produced.

E stands for total expenditure in the economy. This represents the sum of all spending done in the economy. In a simple two-sector model, all output produced (Y) is assumed to be purchased and consumed (E).

Q represents the total quantity of goods and services produced in the economy.

In equilibrium, these three elements should be equal to each other (Y=E=Q), meaning that all goods and services produced in the economy (Y and Q) are being consumed or purchased (E). This reflects a state of balance or stability where there is no pressure for the economy to change.

This equilibrium condition is based on the fundamental principle of national income accounting, which states that the total income of an economy must equal its total output and total spending. This is because every transaction has a buyer and a seller, and therefore each transaction contributes equally to the total income, total output, and total expenditure.

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Value of production in economy(GDP/ Total output)
Aggregate supply is the total amount of goods (including services) supplied by businesses within a country at a given price level.

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Household Sector
- Gain income from the resources
(Land=Rent, Labour=Wages/Salaries, Capital=Interest, Enterprise=Profit)

- This sector uses this income to buy goods such as groceries for daily life & services such as carwash.

- All the goods and services are their needs or wants.

Firms/ Business

- The households sector works for them for profit.

- Production to earn profit for the firms.
- Households sector purchases goods and services from them.

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It is a sign of a country’s economic strength.

it is the total value of all finals goods and services an economy produces in a given period of time.(for a year)

there has three datas should be collected for the measurement of GDP.

1.value added

2. incomes received

3.expenditure