Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in factor markets. Suppose Ana earns $500 per week working as an analyst for A-Plus Accountants. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Yakov $375 per week to wash cars. Yakov uses $125 to purchase tax services from A-Plus Accountants. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Ana spends $10 to get her car washed. Ana earns $500 per week working for A-Plus Accountants. Yakov earns $375 per week working for Spotless Car Wash. 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. O Ana's labor O The car wash Ana receives O The $125 Yakov spends to purchase tax services from A-Plus Accountants O The $375 per week Yakov earns working for Spotless Car Wash

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Goods and Services
Firms
Households
Markets for
Factors of Production
Based on this model, households earn income when
purchase
in factor markets.
Suppose Ana earns $500 per week working as an analyst for A-Plus Accountants. She uses $10 to get her car washed at Spotless Car Wash. Spotless
Car Wash pays Yakov $375 per week to wash cars. Yakov uses $125 to purchase tax services from A-Plus Accountants.
Identify whether each of the following events in this scenario occurs in the factor market or the product market.
Event
Factor Market
Product Market
Ana spends $10 to get her car washed.
Ana earns $500 per week working for A-Plus Accountants.
Yakov earns $375 per week working for Spotless Car Wash.
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.
O Ana's labor
O The car wash Ana receives
O The $125 Yakov spends to purchase tax services from A-Plus Accountants
O The $375 per week Yakov earns working for Spotless Car Wash
Transcribed Image Text:Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in factor markets. Suppose Ana earns $500 per week working as an analyst for A-Plus Accountants. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Yakov $375 per week to wash cars. Yakov uses $125 to purchase tax services from A-Plus Accountants. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Ana spends $10 to get her car washed. Ana earns $500 per week working for A-Plus Accountants. Yakov earns $375 per week working for Spotless Car Wash. 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. O Ana's labor O The car wash Ana receives O The $125 Yakov spends to purchase tax services from A-Plus Accountants O The $375 per week Yakov earns working for Spotless Car Wash
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