Name: Regine D.

Dabon Date: June 07, 2019

Grade and Section: 12-ABM/STEM

In the model, producers are termed as "firms"

while consumers are referred to as "households." Firms
supply goods and services while households
consume these goods and services. Factors of
production (land, labor, capital) are supplied by the
household to firms and the firms convert these into
finished products for household consumption.