Attempts 1. The circular-flow model The following diagram presents a circular-flow model of a simple economy. The outer

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Attempts 1 The Circular Flow Model The Following Diagram Presents A Circular Flow Model Of A Simple Economy The Outer 1 (21.4 KiB) Viewed 27 times

Attempts 1 The Circular Flow Model The Following Diagram Presents A Circular Flow Model Of A Simple Economy The Outer 2 (27.3 KiB) Viewed 27 times

Attempts 1. The circular-flow model The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs Booods Keep the Highest/3 Firms Markets for Goods and Services Markets for Factors of Production come alco Households firms purchase factors in factor markets.

Based on this model, households earn income when firms Suppose Kate earns $525 per week working as an analyst for A-Plus Accountants. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Hubert $300 per week to wait tables. Hubert uses $100 to purchase tax services from A-Plus Accountants purchase Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Product Market Hubert spends $100 to purchase tax services from A-Plus Accountants, Hubert earns $300 per week working for Little Havana. Kate earns $525 per week working for A-Plus Accountants Kate's labor The $300 per week Hubert earns working for Little Havana Factor Market O . factors O The mojito Kate receives The $100 Hubert spends to purchase tax services from A-Plus Accountants O Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. in factor markets. .