in the ______________, households receive goods and services and pay firms for them.

In the blank, the correct phrase is “goods and services market.”

Direct answer

In the goods and services market, households receive goods and services and pay firms for them, as shown in the standard circular flow model of the economy. This market is also called the product market, where firms sell outputs and households act as consumers.

So the completed sentence is:
“In the goods and services market, households receive goods and services and pay firms for them.”

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