Which two markets make up the circular flow model

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1. Which two markets make up the circular flow model? Who are the actors in the circular flow model?

2. What function does money play in an economy?

3. Michael and Angelo live in a small town in Italy. They work as artists. Michael is the more productive artist. He can produce 10 small sculptures each day but only 5 paintings. Angelo can produce 6 sculptures each day but only 2 paintings.

a. What is the opportunity cost of a painting for each artist?

b. Based on your answer in part a, who has a comparative advantage in producing paintings?

c. If the two men decide to specialize, who should produce the sculptures and who should produce the paintings?

Reference no: EM131301205

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