I need help for these questions l. Based on this model, households earn income when ________ purchase ________ in markets for factors of production.Suppose Maria earns $625 per week working as a doctor for the Medical Clinic. She uses $8 to order a mojito cocktail at Little Havana. Little Havana pays Kevin $475 per week to wait tables. Kevin uses $250 to purchase 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.**| Event | Market for Factors of Production | Market for Goods and Services ||-----------------------------------------------------------------------------|-----------------------------------|-------------------------------|| Maria earns $625 per week working for the Medical Clinic. | ⃝ | ⃝ || Kevin spends $250 to purchase medical services from the Medical Clinic. | ⃝ | ⃝ || Maria spends $8 to order a mojito cocktail. | ⃝ | ⃝ |**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 Kevin spends to purchase medical services from the Medical Clinic- [ ] The mojito Maria receives- [ ] Maria’s labor**True or False: Gross domestic product (GDP) measures total expenditures on final goods and services during a given period of time.**- ⃝ True- ⃝ False # The Economy's Income and ExpenditureThe following diagram presents a circular-flow model of a simple economy. ### Diagram Explanation:- **Outer Arrows (Green):** Represents the flow of dollars.- **Inner Arrows (Red):** Represents the flow of inputs and outputs.### Components of the Diagram:- **Markets for Goods and Services:** The place where firms sell goods and services to households.- **Firms:** Entities that produce goods and services using inputs from households.- **Households:** Entities that own the factors of production and consume goods and services.- **Markets for Factors of Production:** The place where households supply factors of production, and firms purchase them.### Economic Transactions Example:Based on this model, households earn income when firms purchase resources in markets for factors of production.#### Scenario:- Maria earns $625 per week as a doctor for the Medical Clinic. - She spends $8 on a mojito cocktail at Little Havana.- Little Havana pays Kevin $475 per week to wait tables.- Kevin spends $250 on medical services from the Medical Clinic.

Answered: I need help for these questions l.

Business

Economics

I need help for these questions l.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Hi, there. I need a clarification of question number 1, which choice is the best answer?
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