Suppose Frances earns $500 per week working as a doctor for the Medical Clinic. She uses $9 to have breakfast at Dinah's Diner. Dinah's Diner pays Dmitri $350 per week to work as a short-order cook. Dmitri uses $250 to purchase medical services from the Medical Clinic. Identify whether each of the following events in this scenario occurs in the factor markets or the product markets. Factor Markets Product Markets Event Dmitri spends $250 to purchase medical services from the Medical Clinic. Frances earns $500 per week working for the Medical Clinic. Frances spends $9 to have breakfast. Which of the elements of this scenario represent a flow from a household to a business? This could be a flow of dollars, inputs, or outputs. Check all that apply. The breakfast Frances receives The $350 per week Dmitri earns working for Dinah's Diner Frances's labor

Suppose Frances earns $500 per week working as a doctor for the Medical Clinic. She uses $9 to have breakfast at Dinah's Diner. Dinah's Diner pays Dmitri $350 per week to work as a short-order cook. Dmitri uses $250 to purchase medical services from the Medical Clinic. Identify whether each of the following events in this scenario occurs in the factor markets or the product markets. Factor Markets Product Markets Event Dmitri spends $250 to purchase medical services from the Medical Clinic. Frances earns $500 per week working for the Medical Clinic. Frances spends $9 to have breakfast. Which of the elements of this scenario represent a flow from a household to a business? This could be a flow of dollars, inputs, or outputs. Check all that apply. The breakfast Frances receives The $350 per week Dmitri earns working for Dinah's Diner Frances's labor

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter1: The Role And Method Of Economics

Section: Chapter Questions

Problem 8P

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Suppose Janet earns $600 per week working as a doctor for the Medical Clinic. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Felix $300 per week to wait tables. Felix uses $175 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 Janet spends $9 to order a mojito cocktail. Janet earns $600 per week working for the Medical Clinic. Felix earns $300 per week working for Little Havana. 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. a. The $300 per week Felix earns working for Little Havana b. Janet's labor c. The mojito Janet receives True or False: For the economy…
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1. The economy's income and expenditure 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. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, firms earn revenue when Households purchase in markets for goods and services.
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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 flaow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production purchase laborland capital Based on this model, households earn income when firms in markets for factors of production. Suppose Deborah earns $575 per week working as a flight attendant for Flyaway labor and capital Havana pays Carlos $200 per week to wait tables. Carlos uses $225 to purchase goods and services pm Flyaway Airlines. to order a mojito cocktail at Little Havana. Little 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. Market for Factors of Production Market for Goods and Services Event
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 Poornima spends $7 to install reflective stickers on her bike. Market for Factors of Production Market for Goods and Services Poornima earns $825 per week working for Maction. Manuel spends $250 to purchase software from Maction. 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 Manuel spends to purchase software from Maction Poornima's labor The reflective stickers Poornima receives True or False: For the economy as a whole, expenditures must equal income. True False
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Replacement car parts are an inferior good. The country is going through a recession. Simultaneously, the price of a key raw material used in making replacement car parts goes down. What happens to the price and output of replacement car parts? Briefly explain. Briefly explain. In addition, show this graphically by choosing the appropriate graph from the four graphs (A - D) in the link below.
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IGCSE ECONOMICS This proves that, as the price of a good rises, producer will want to supply more because (if they could sell all of the products they made) they would make more profit. Therefore the supply curve extends. As the price falls, quantity supplied contracts. This is because as the price falls, firms will expect to earn less profits. In the space below, draw a supply curve and show that as price rises, quantity supplied extends (like the example of p. 6 of the workbook) Shifts in supply curves As we have seen, a change in the price of a product will cause its supply curve to extend or contract. Changes in things other than the price will cause its whole supply curve to move (or shift). A movement of the whole supply curve for a good is called either an increase or decrease in supply. Examine the market supply schedule for disposable razors below. Possible price of razors (p) Original supply per month Increased supply per month 50 10 000 12 000 40 8.000 10 000 30 6 000 8 000…