13. The circular-flow model The following diagram presents a circular-flow model of a simple economy. The outer set of a

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13 The Circular Flow Model The Following Diagram Presents A Circular Flow Model Of A Simple Economy The Outer Set Of A 1 (532.85 KiB) Viewed 34 times

13 The Circular Flow Model The Following Diagram Presents A Circular Flow Model Of A Simple Economy The Outer Set Of A 2 (564.52 KiB) Viewed 34 times

13. 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. Firms Markets for Goods and Services Markets for Factors of Production Households

Based on this model, firms earn revenue when Suppose Lucia earns $650 per week working as a programmer for PC Pros. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Kenji $350 per week to work the cash register. Kenji uses $250 to purchase software from PC Pros. Event purchase Identify whether each of the following events in this scenario occurs in the factor market or the product market. Kenji earns $350 per week working for Pillmart Pharmacy. Kenji spends $250 to purchase software from PC Pros. Lucia earns $650 per week working for PC Pros. Factor Market Product Market Lucia's labor in product markets. 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. The $250 Kenji spends to purchase software from PC Pros The aspirin Lucia receives The $350 per week Kenji earns working for Pillmart Pharmacy