Explain how the circular flow diagram relates to the current economic in at least 3 different situations

Explain how the circular flow diagram relates to the current economic in at least 3 different situations. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market

Text

• Amacher, R., & Pate, J. (2013). Microeconomics principles and policies[Electronic version]. Retrieved from https://content.ashford.edu/

·         Chapter 1: Economics, Economic Methods, and Economic Policy

·         Chapter 2: Markets, Governments, and Nations: The Organization of Economic Activity

·         Chapter 3: Supply and Demand: The Basics of Economic Analysis