A market’s main necessary components are locations where buyers and sellers can interact to trade goods, services and/or resources." Tamiya alluded to households/consumers and firms.
The simple circular flow model of the economy shows households and firms are two of the primary actors in a capitalistic economy. According to Asarta and Butters (2022), "An economy is a vast, complicated network, made up of households and firms that interact with one another to buy or sell goods, services, and resources" (p.31).
In economics, we assume households own all resources including labor. As a former student noted, "A current topic relevant to what the world is facing now would be labor to keep restaurants or other businesses operating a total capacity would be a shortage of labor."
Class – Households are consumers of goods and services as well as suppliers of resources. Firms are consumers of resources as well as suppliers of goods and services. What specific real-world examples do you have of these roles of households and firms?