1 6. The circular-flow modelThe following diagram presents a ciroular-fow model of a simple economy The outer set of arrows (shown in green) shows the flow of dollars, and theInner set of arrows (shown in red) shows the coresponding now of inputs and outputs.Markcets forGoods and ServicesFirmsHouseholdsMarkets forFactors of ProductionBased on this model, households earn income whenpurchasein factor marketsSuppose Eileen earns $575 per week working as a doctor for the Medical Clinic. She uses 9 to order a mojito cocktail at Little Havana. Litle Havanapays Clancy $300 per week to wait tables, Clancy uses s275 to purchase medical services from the Medical Clinic.Identify whether each of the folowing events in this scenario occurs in the factor market or the product market.Factor MarketProduct MarketEventClancy spends $275 to purchase medical services frore the Medical ClinicEileen spends $9 to order a mojto coctail.Clancy sarns S300 per week working for Little Havana Markets forFactors of ProductionBased on this model, households earn income whenpurchasein factor markets.aSuppose Bileen earns $575 per week working as a doctor for the Medical Clinic. She uses $9 to order a mojito cocktal at Little Havana. LIttie Havanpays Clancy $300 per week to wait tables. Clancy uses $275 to purchase medical services from the Medical Clinic.identify whether cach of the following events in this scenario occurs in the factor market or the product market.EventFactor MarketProduct MarketClancy spends $275 to purchase medical services from the Medical Oinic.Eileen spends 19 to order a mojito cocktail.Clancy earns $300 per week working for Little Havana.Which of the elements of this scenario cepresent a flow from a fem to a household? This could be a fow of dollars, inputs, or outputs. Check all thatapplyO The $275 Clancy spends to purchase medical services from the Medical CinicO The s300 per week Clancy carns working for uitle HavanaO Eileen's labiorO The mojito Eileen receives

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6. The circular-flow model The following diagram presents a ciroular fow 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 comesponding fow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in factor markets

6. The circular-flow model The following diagram presents a ciroular fow 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 comesponding fow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in factor markets

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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