1. The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. The ou

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1. The economy's income and expenditure 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. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Event Households households Suppose Megan earns $850 per week working as a f Pillmart Pharmacy pays Larry $325 per week to work firms purchase in markets for factors of production. for Flyaway Airlines. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. ster. Larry uses $375 to purchase air travel to Hawali from Flyaway Airlines. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Market for Factors of Production Market for Goods and Services

1. The economy's income and expenditure 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. Firms Markets for Goods and Services Fuent Markets for Factors of Production Households Based on this model, households earn income when in markets for factors of production. Suppose Megan earns $850 per week working as a flight attendant for Flyawaygoods and services to buy a box of aspirin at Pillmart Pharmacy. r travel to Hawall from Flyaway Airlines. Pillmart Pharmacy pays Larry $325 per week to work the cash register. Larry use labor and capital Identify whether each of the following events in this scenario occurs purchase the market for factors of production or the market for goods and services. Market for Factors of Production Market for Goods and Services

Suppose niegan as po per week working as a gallan 10 riyoway Alls. One to buy a Dux ur aspino Parc Perely. Pillmart Pharmacy pays Larry $325 per week to work the cash register. Larry uses $375 to purchase air travel to Hawaii from Flyaway Airlines. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Market for Factors of Production Market for Goods and Services Event Larry spends $375 to purchase air travel to Hawaii from Flyaway Airlines. Megan spends $10 to buy a box of aspirin. Megan earns $850 per week working for Flyaway Airlines. The $325 per week Larry earns working for Pillmart Pharmacy Megan's labor The aspirin Megan receives Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply. O True or False: Gross domestic product (GDP) cannot be used to measure the economy's income. True False O