Homework Help is Here – Start Your Trial Now!
Business
Management
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 th inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, firms earn revenue when Households purchase in product markets. Suppose Lucia earns $575 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Kenji $300 per week to wash cars. Kenji uses $225 to purchase necklace from Classy's Jewelry Store. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Lucia earns $575 per week working for Classy's Jewelry Store. Kenji spends $225 to purchase necklace from Classy's Jewelry Store. Lucia spends $10 to get her car washed. 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. ☐ The $300 per week Kenji earns working for Spotless Car Wash The car wash Lucia receives Lucia's labor The $225 Kenji spends to purchase necklace from Classy's Jewelry Store

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 th inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, firms earn revenue when Households purchase in product markets. Suppose Lucia earns $575 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Kenji $300 per week to wash cars. Kenji uses $225 to purchase necklace from Classy's Jewelry Store. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Lucia earns $575 per week working for Classy's Jewelry Store. Kenji spends $225 to purchase necklace from Classy's Jewelry Store. Lucia spends $10 to get her car washed. 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. ☐ The $300 per week Kenji earns working for Spotless Car Wash The car wash Lucia receives Lucia's labor The $225 Kenji spends to purchase necklace from Classy's Jewelry Store

Marketing
Marketing
20th Edition
ISBN:9780357033791
Author:Pride, William M
Publisher:Pride, William M
Chapter6: Target Markets: Segmentation And Evaluation
Section: Chapter Questions
Problem 17DRQ: Under what conditions might a firm use multiple forecasting methods?
See similar textbooks
icon
Related questions
Question

do fast

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 th inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, firms earn revenue when Households purchase in product markets. Suppose Lucia earns $575 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Kenji $300 per week to wash cars. Kenji uses $225 to purchase necklace from Classy's Jewelry Store.
Transcribed Image Text: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 th inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, firms earn revenue when Households purchase in product markets. Suppose Lucia earns $575 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Kenji $300 per week to wash cars. Kenji uses $225 to purchase necklace from Classy's Jewelry Store.
Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Lucia earns $575 per week working for Classy's Jewelry Store. Kenji spends $225 to purchase necklace from Classy's Jewelry Store. Lucia spends $10 to get her car washed. 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. ☐ The $300 per week Kenji earns working for Spotless Car Wash The car wash Lucia receives Lucia's labor The $225 Kenji spends to purchase necklace from Classy's Jewelry Store
Transcribed Image Text:Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Lucia earns $575 per week working for Classy's Jewelry Store. Kenji spends $225 to purchase necklace from Classy's Jewelry Store. Lucia spends $10 to get her car washed. 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. ☐ The $300 per week Kenji earns working for Spotless Car Wash The car wash Lucia receives Lucia's labor The $225 Kenji spends to purchase necklace from Classy's Jewelry Store
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Marketing
Marketing
Marketing
ISBN:
9780357033791
Author:
Pride, William M
Publisher:
South Western Educational Publishing
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Contemporary Marketing
Contemporary Marketing
Marketing
ISBN:
9780357033777
Author:
Louis E. Boone, David L. Kurtz
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS