Identify the primary economic decision makers

Business Dec 27, 2020

Identify the primary economic decision makers. Describe how money and resources are exchanged in the resource market, indicating who gets the resources and who gets the income.

Expert Solution

1) Consumers and producers are the primary decision-makers of society.

2) The producers have the resource and the households have the income.

Household sectors are owners of resources such as Land, Capital, and Entrepreneurs. They earn rent, wages, and interest and profit from the resources they sell / rent to the producers. Producers get the resources and pay the household rent/wage/profit. These wages/rents/profits act as income for households.

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