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, housennins parn income when purchaco in factor markets. Suppose Rina earns $600 per week working as a corporate attorney for Rowan and Martin Associates. She uses $9 to get her car wached at Spotless Car Wash. Spotless Car wash pays Musashi $250 per week to wash cars. Musashi uses $125 to purchase legal service from Rowan and Martin Associates. Iưentiry wtether each of the roliawing events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market nina corna SG00 per week wurking for Rowan and Martin Associates. Musashi suends $125 to nurrhase legal corvice from Rowon and Mar un ASSoCiates. Musashi earns $250 per week worlking for Spotless Car Wash. AWhleh of tha alementa of Unla auciiai IU represent a flow from a household to a firm? This could be a flow of dollare, inputs, or outputs. Chcck all that annly O The $250 per week Musashi earne worlking for Sputluas Car wasn O KIna's labor O The car wash Rina eulves U Tlhe $125 Musashi snende to purchase legal aervice fruI Kowan ann Martin Accoelatca
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, housennins parn income when purchaco in factor markets. Suppose Rina earns $600 per week working as a corporate attorney for Rowan and Martin Associates. She uses $9 to get her car wached at Spotless Car Wash. Spotless Car wash pays Musashi $250 per week to wash cars. Musashi uses $125 to purchase legal service from Rowan and Martin Associates. Iưentiry wtether each of the roliawing events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market nina corna SG00 per week wurking for Rowan and Martin Associates. Musashi suends $125 to nurrhase legal corvice from Rowon and Mar un ASSoCiates. Musashi earns $250 per week worlking for Spotless Car Wash. AWhleh of tha alementa of Unla auciiai IU represent a flow from a household to a firm? This could be a flow of dollare, inputs, or outputs. Chcck all that annly O The $250 per week Musashi earne worlking for Sputluas Car wasn O KIna's labor O The car wash Rina eulves U Tlhe $125 Musashi snende to purchase legal aervice fruI Kowan ann Martin Accoelatca
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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