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Based on this model, households earn income when purchase in markets for factors of production. Suppose Megan earns $575 per week working as a doctor for the Medical Clinic. labor and capital car washed at Spotless Car Wash. Spotless Wash pays Larry $325 per week to wash cars. Larry uses $225 to purchase med goods and services Medical Clinic. 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 Megan earns $575 per week working for the Medical Clinic. Larry spends $225 to purchase medical services from the Medical Clinic. Larry earns $325 per week working for Spotless Car Wash 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 $325 per week Larry earns working for Spotless Car Washi The car wash Megan receives 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. Ceck all that apply. O The $325 per week Larry earns working for Spotless Car Wash O The car wash Megan receives O The $225 Larry spends to purchase medical services from the Medical Clinic True or False: For the economy as a whole, expenditures must equal income. O True

Based on this model, households earn income when purchase in markets for factors of production. Suppose Megan earns $575 per week working as a doctor for the Medical Clinic. labor and capital car washed at Spotless Car Wash. Spotless Wash pays Larry $325 per week to wash cars. Larry uses $225 to purchase med goods and services Medical Clinic. 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 Megan earns $575 per week working for the Medical Clinic. Larry spends $225 to purchase medical services from the Medical Clinic. Larry earns $325 per week working for Spotless Car Wash 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 $325 per week Larry earns working for Spotless Car Washi The car wash Megan receives 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. Ceck all that apply. O The $325 per week Larry earns working for Spotless Car Wash O The car wash Megan receives O The $225 Larry spends to purchase medical services from the Medical Clinic True or False: For the economy as a whole, expenditures must equal income. O True

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Based on this model, households earn income when v purchase in markets for factors of production. Suppose Megan earns $575 per week working as a doctor for the Medical Clinic. labor and capital r car washed at Spotless Car Wash. Spotless Wash pays Larry $325 per week to wash cars. Larry uses $225 to purchase med goods and services Medical Clinic. 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. Event Market for Factors of Market for Goods and Production Services Megan earns $575 per week working for the Medical Clinic. Larry spends $225 to purchase medical services from the Medical Clinic. Larry earns $325 per week working for Spotless Car Wash. 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 $325 per week Larry earns working for Spotless Car Wash The car wash Megan receives 1O 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. beck all that apply. O The $325 per week Larry earns working for Spotless Car Wash OThe car wash Megan receives O The $225 Larry spends to purchase medical services from the Medical Clinic True or False: For the economy as a whole, expenditures must equal income. O True O False
Transcribed Image Text:Based on this model, households earn income when v purchase in markets for factors of production. Suppose Megan earns $575 per week working as a doctor for the Medical Clinic. labor and capital r car washed at Spotless Car Wash. Spotless Wash pays Larry $325 per week to wash cars. Larry uses $225 to purchase med goods and services Medical Clinic. 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. Event Market for Factors of Market for Goods and Production Services Megan earns $575 per week working for the Medical Clinic. Larry spends $225 to purchase medical services from the Medical Clinic. Larry earns $325 per week working for Spotless Car Wash. 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 $325 per week Larry earns working for Spotless Car Wash The car wash Megan receives 1O 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. beck all that apply. O The $325 per week Larry earns working for Spotless Car Wash OThe car wash Megan receives O The $225 Larry spends to purchase medical services from the Medical Clinic True or False: For the economy as a whole, expenditures must equal income. O True O False
1. Tbe 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 Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in markets for factors of production. Suppose Megan earns $575 per week working as a d households Hedical Clinic. She uses $8 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Larry $325 per week to wash cars. Larry firms ourchase medical services from the Medical Clinic. 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 Event Services Megan earns $575 per week working for the Medical Clinic. Larry spends $225 to purchase medical services from the Medical Clinic. Larry earns $325 per week working for Spotless Car Wash. 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
Transcribed Image Text:1. Tbe 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 Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in markets for factors of production. Suppose Megan earns $575 per week working as a d households Hedical Clinic. She uses $8 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Larry $325 per week to wash cars. Larry firms ourchase medical services from the Medical Clinic. 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 Event Services Megan earns $575 per week working for the Medical Clinic. Larry spends $225 to purchase medical services from the Medical Clinic. Larry earns $325 per week working for Spotless Car Wash. 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
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