Question

Answer 1

Solution:

1. one of the firm in the economy
2. a product in the product market
c. a resource in the resource market

Explanation:

Under circular flow model, the factor markets are the markets where in the land, labor, capital, and entrepreneurship are purchased and sold.

(a) The theatre where Angelique works displays one of the firms in the economy because it is among many available firms in the market
(b) The move that the theatre shows displays product in the product market because a movie is it's product
(c) The labor that Angelique provides to the theatre represents resource in the resource market because is giving services to the firm