Unit: 01 Lesson: 02Which Market?The Circular FlowAPayment for Goods and Services-BTHE PRODUCT MARKETFinished Goods and Services-Households/Businesses/PeopleEntrepreneursLand, Labor, Capital, and Entrepreneurship.THE FACTOR MARKETIncome: Wages, Rents, Interest, Profit -Answer by indicating A, B, C, or D, depending on the point on the model at which thetransaction took place. (A =:B =; c=_;D=_1.20 acres of trees owned by Ted went to a lumber company which harvestedthe lot for use in the furniture industry.2.Mary pays $40 for a new sweater from a department store.3.Jimmy takes home $600 per week from his job as a welder.Tony buys shares of stock in a computer firm that is expanding its productline.4.5.Tony receives dividends on his stock purchase as the company earns profits.6.An advertising firm plans to convert a home it bought from Jill into an office.7.The firm pays Jill $125,000 for her property.The Houston Texans receive payment from season ticket purchasers.8.9.A firm offers curbside garbage pickup.10.Tom paid a mechanic $800 for rebuilding the transmission from his car.11.A company ships 100,000 car batteries to a major department store chain.12.Julia opens a new business selling gameware and employs 18 people.After the first year, Julia makes a profit of $55,000 in her gamewareenterprise.Lulu pays of her credit card bill in February for her holiday shopping spree13.14

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The Circular Flow Payment for Goods and Services THE PRODUCT MARKET Finished Goods and Services- Households/ Businesses/ People Entrepreneurs Land, Labor, Capital, and Entrepreneurship ..... THE FACTOR MARKET Income: Wages, Rents, Interest, Profit

The Circular Flow Payment for Goods and Services THE PRODUCT MARKET Finished Goods and Services- Households/ Businesses/ People Entrepreneurs Land, Labor, Capital, and Entrepreneurship ..... THE FACTOR MARKET Income: Wages, Rents, Interest, Profit

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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