can you help me answer questions from the image attached please 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 theinner set of arrows (shown in red) shows the corresponding flow of inputs and outputs.Markets forGoods and ServicesFirmsHouseholdsMarkets forFactors of ProductionBased on this model, firms earn revenue whenpurchasein product markets.Suppose Maria earns $800 per week working as work as a flight attendant for Flyaway Airlines. She uses $10 to buy a box of aspirin at PillmartPharmacy. Pillmart Pharmacy pays Kevin $450 per week to work the cash register. Kevin uses $300 to purchase air travel to Hawaii from FlyawayAirlines.Identify whether each of the following events in this scenario occurs in the factor market or the product market.EventFactor MarketProduct MarketMaria earns $800 per week working for Flyaway Airlines.Kevin earns $450 per week working for Pillmart Pharmacy.Maria spends $10 to buy a box of aspirin.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 thatаpply.O The $300 Kevin spends to purchase air travel to Hawaii from Flyaway AirlinesO The $450 per week Kevin earns working for Pillmart PharmacyO Maria's laborO The aspirin Maria receives

There are different types of sector model such as 2-sector model, 3-sector model, 4-sector model. In…

Answered: Markets for Goods and Services

Business

Economics

Markets for Goods and Services

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

can you help me answer questions from the image attached please

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, firms earn revenue when
purchase
in product markets.
Suppose Maria earns $800 per week working as work as a flight attendant for Flyaway Airlines. She uses $10 to buy a box of aspirin at Pillmart
Pharmacy. Pillmart Pharmacy pays Kevin $450 per week to work the cash register. Kevin uses $300 to purchase air travel to Hawaii from Flyaway
Airlines.
Identify whether each of the following events in this scenario occurs in the factor market or the product market.
Event
Factor Market
Product Market
Maria earns $800 per week working for Flyaway Airlines.
Kevin earns $450 per week working for Pillmart Pharmacy.
Maria spends $10 to buy a box of aspirin.
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
аpply.
O The $300 Kevin spends to purchase air travel to Hawaii from Flyaway Airlines
O The $450 per week Kevin earns working for Pillmart Pharmacy
O Maria's labor
O The aspirin Maria receives

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