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and Study Tools Options Success Tips Success Tips medback Average/4 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 Markets for Goods and Services Ferms Markets for Factors of Production Based on this model, households earn income when firme purchase labor and capital in markets for factors of production. Suppose Luciaeams $825 per week working as a jewelry appraiser for Classy's Jewiry Store. She uses $10 to have breakfast at Dina's Diner Dinah's Diner pays Kergi $325 per week to work as a short-order cook, Keng uses $125 to purchase a necklace from Classy's Jewelry Store.
Catalog and Study Tools Rental Options College Success Tips Career Success Tips Help Give Feedback Based on this model, households earn income when purchase labor and capital in markets for facts of produ Suppose Lucie eams $825 per wees working as a jewary appraiser for Classy's Jewelry Store. She uses $10 to have besides Dinah's Diner pays Kang $325 per wee short-order cook. Kenj uses $125 to purchase a necklace from Classy's Jewery Store Identify whether each of the following events in this scenarie occurs in the market for factors of production or the market for goods and services Event Market for Factors of Production Market for Goods and Services Lucie eams 1825 per week working for Classy's Jewelry Store 0 Kangi spends $125 to purchase a necklace from Classy's Jewelry O Luca spends $10 to have breakfast 0 Which of the elements of this scenano represent a flow from a household to a firm? This could be a flow of dollars, inputs, or Check apply The $325 per week Kenji sarns working for Dinah's Diner The breakfast Luca cives Luca's labor True or False for the aconomy as a whole, expenditures must equal income O True O Faise X A
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. Markets for Goods and Services Households Markets for Factors of Production Based on this model, households earn income when firms purchase labor and capital in markets for factors of production. Suppose Lucia earns $825 per week working as a jewelry appraiser for Classy's Jewelry Store. She uses $10 to have breakfast at Dinah's Diner. Dinah's Diner pays Kenji $325 per week to work as a short-order cook. Kenji uses $125 to purchase a necklace from Classy's Jewelry Store. Firms
suppose Lucia earns $825 per week working as a jewelry appraiser for Classy's Jewelry Store. She uses $10 to have breakfast at Dinah's Diner. Dinah's Diner pays Kenji $325 per week to work as a short-order cook. Kenji uses $125 to purchase a necklace from Classy's Jewelry Store. 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 Goods and Services Event Market for Factors of Production Lucia earns $825 per week working for Classy's Jewelry Store. O Kenji spends $125 to purchase a necklace from Classy's Jewelry Store. O Lucia spends $10 to have breakfast. O ● 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. The $325 per week Kenji earns working for Dinah's Diner The breakfast Lucia receives Lucia's labor True or False: For the economy as a whole, expenditures must equal income. O True O False