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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Unit: 01 Lesson: 02
Which Market?
The Circular Flow
A
Payment for Goods and Services-
B
THE PRODUCT MARKET
Finished Goods and Services-
Households/
Businesses/
People
Entrepreneurs
Land, Labor, Capital, and Entrepreneurship.
THE FACTOR MARKET
Income: Wages, Rents, Interest, Profit -
Answer by indicating A, B, C, or D, depending on the point on the model at which the
transaction took place. (A =:B =; c=_;D=_
1.
20 acres of trees owned by Ted went to a lumber company which harvested
the 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 product
line.
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 gameware
enterprise.
Lulu pays of her credit card bill in February for her holiday shopping spree
13.
14](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F31d68660-65cd-4a99-974d-18c847184f42%2F47c60ffd-76b9-40a8-afab-59a4cca00009%2F85j0pvx_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Unit: 01 Lesson: 02
Which Market?
The Circular Flow
A
Payment for Goods and Services-
B
THE PRODUCT MARKET
Finished Goods and Services-
Households/
Businesses/
People
Entrepreneurs
Land, Labor, Capital, and Entrepreneurship.
THE FACTOR MARKET
Income: Wages, Rents, Interest, Profit -
Answer by indicating A, B, C, or D, depending on the point on the model at which the
transaction took place. (A =:B =; c=_;D=_
1.
20 acres of trees owned by Ted went to a lumber company which harvested
the 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 product
line.
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 gameware
enterprise.
Lulu pays of her credit card bill in February for her holiday shopping spree
13.
14
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