traai, hatrar resources,3. The circular flow modelThe following diagram presents a circular flow model of a simple economy. The inner set of arrows (shown in green) shows the flow of dollars, and theouter set of arrows (shown in red) shows the corresponding flow of inputs and outputs.ProductmarketsRevenue-ProductsFirmsHouseholds- Incomepreneurial abilityResourcesResourcemarketspurchasein the resource markets.Based on this model, households earn income whenSuppose Ginny earns $875 per week working as a programmer for PC Pros. She uses $10 to get her car washed at Spotless Car Wash. Spotless CarWash pays Eric $300 per week to wash cars. Eric uses $350 to purchase software from PC Pros.Goods and servicesExpenditure, capitentren Identify whether each of the following events in this scenario occurs in the resource markets or the product markets.EventResource MarketsProduct MarketsGinny earns $875 per week working for PC Pros.Eric earns $300 per week working for Spotless Car Wash.Ginny spends $10 to get her car washed.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 thatapply.O Ginny's laborO The $300 per week Eric earns working for Spotless Car WashO The car wash Ginny receivesoo o

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3. The circular flow model The following diagram presents a circular flow model of a simple economy. The inner set of arrows (shown in green) shows the flow of dollars, and the outer set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Product markets Revenue- Products Households Firms Income epreneurial ability Wages, interest, rent Resources Bl resources. Resource markets Based on this model, households earn income when purchase in the resource markets. Goods and services Expenditure rent, pr or, capital, natural re entrepr

3. The circular flow model The following diagram presents a circular flow model of a simple economy. The inner set of arrows (shown in green) shows the flow of dollars, and the outer set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Product markets Revenue- Products Households Firms Income epreneurial ability Wages, interest, rent Resources Bl resources. Resource markets Based on this model, households earn income when purchase in the resource markets. Goods and services Expenditure rent, pr or, capital, natural re entrepr

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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23 Introduction to Economics Please solve it very quickly ????
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Using the language of and components of the circular flow diagram, Answer the following questions: 1)Which institution or group of institutions of the circular flow model is missing? Explain how you might include those groups into this model. 2)In what way our business and households both sellers and buyers in this model? 3)What are the flows in this circular flow model? 4)
Consider the “circular flow” diagram for our economy. Explain what each of its components mean and how that detailed model of “incomes” and “expenditures” provides a foundation for economic theory?
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Use the following diagram to answer the next question. Businesses Resource Market (1) (3) (2) Government (7) (8) Product Market (5) (6) Multiple Choice Households In the diagram, solid arrows reflect real flows and broken arrows are monetary flows. Flow (4) might represent personal income taxes. investment spending by private corporations. the purchase of stealth bombers. the services of NASA astrophysicists.
The outer flow in the circular flow diagram is measured in O goods and services produced inputs (factors of production) O government revenues O money MacBook Air 吕口 F3 D00 F4 F5 F6 F7 F8 2$ & 4 7 8 Y 6
in a circular flow diagram of the economy, households and buisness interact A. in neither product markets and resouce markets B. in resource markets but not product markets C. in both product markets and resource markets D. in product markets but not resource markets