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Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in factor markets. Suppose Crystal earns $625 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $8 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Brian $325 per week to wash cars. Brian uses $125 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 Crystal spends $8 to get her car washed. Brian spends $125 to purchase necklace from Classy's Jewelry Store. Crystal earns $625 per week working for Classy's Jewelry Store. 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 The car wash Crystal receives O The $125 Brian spends to purchase necklace from Classy's Jewelry Store O Crystal's labor O The $325 per week Brian earns working for Spotless Car Wash

Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in factor markets. Suppose Crystal earns $625 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $8 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Brian $325 per week to wash cars. Brian uses $125 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 Crystal spends $8 to get her car washed. Brian spends $125 to purchase necklace from Classy's Jewelry Store. Crystal earns $625 per week working for Classy's Jewelry Store. 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 The car wash Crystal receives O The $125 Brian spends to purchase necklace from Classy's Jewelry Store O Crystal's labor O The $325 per week Brian earns working for Spotless Car Wash

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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13. The circular-flow model 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 v in factor markets. Suppose Crystal earns $625 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $8 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Brian $325 per week to wash cars. Brian uses $125 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 Crystal spends $8 to get her car washed. Brian spends $125 to purchase necklace from Classy's Jewelry Store. Crystal earns $625 per week working for Classy's Jewelry Store. 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 The car wash Crystal receives O The $125 Brian spends to purchase necklace from Classy's Jewelry Store O Crystal's labor O The $325 per week Brian earns working for Spotless Car Wash
Transcribed Image Text:13. The circular-flow model 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 v in factor markets. Suppose Crystal earns $625 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $8 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Brian $325 per week to wash cars. Brian uses $125 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 Crystal spends $8 to get her car washed. Brian spends $125 to purchase necklace from Classy's Jewelry Store. Crystal earns $625 per week working for Classy's Jewelry Store. 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 The car wash Crystal receives O The $125 Brian spends to purchase necklace from Classy's Jewelry Store O Crystal's labor O The $325 per week Brian earns working for Spotless Car Wash
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