Please help (it's just one question) 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, households earn income whenpurchasein factor markets.Suppose Eleanor earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to have breakfast at Dinah's Diner.Dinah's Diner pays Darnell $350 per week to work as a short-order cook. Darnell uses $100 to purchase necklace from Classy's Jewelry Store.Identify whether each of the following events in this scenario occurs in the factor market or the product market.EventFactor MarketProduct MarketEleanor spends $10 to have breakfast.Eleanor earns $650 per week working for Classy's Jewelry Store.Darnell spends $100 to purchase necklace from Classy's Jewelry Store. & LSpurchasein factor markets.Based on this model, households earn income whenSuppose Eleanor earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to have breakfast at Dinah's Diner.Dinah's Diner pays Darnell $350 per week to work as a short-order cook. Darnell uses $100 to purchase necklace from Classy's Jewelry Store.Identify whether each of the following events in this scenario occurs in the factor market or the product market.EventFactor MarketProduct MarketEleanor spends $10 to have breakfast.Eleanor earns $650 per week working for Classy's Jewelry Store.Darnell spends $100 to purchase necklace from Classy's Jewelry Store.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 thatapply.O The $100 Darnell spends to purchase necklace from Classy's Jewelry StoreO The $350 per week Darnell earns working for Dinah's DinerO The breakfast Eleanor receivesO Eleanor's laborGrade It NowSave & ContinueContinue without savingMacBook ProG Search or type URLThe240163.9.4.D.H.MB.

The circular flow diagram illustrates the flow of goods and services and money between different…

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 th 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, households earn income when purchase in factor markets. Suppose Eleanor earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to have breakfast at Dinah's Diner. Dinah's Diner pays Darnell $350 per week to work as a short-order cook. Darnell uses $100 to purchase necklace from Classy's Jewelry Store. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Eleanor spends $10 to have breakfast. Eleanor earns $650 per week working for Classy's Jewelry Store. Darnell spends $100 to purchase necklace from Classy's Jewelry Store.

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 th 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, households earn income when purchase in factor markets. Suppose Eleanor earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to have breakfast at Dinah's Diner. Dinah's Diner pays Darnell $350 per week to work as a short-order cook. Darnell uses $100 to purchase necklace from Classy's Jewelry Store. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Eleanor spends $10 to have breakfast. Eleanor earns $650 per week working for Classy's Jewelry Store. Darnell spends $100 to purchase necklace from Classy's Jewelry Store.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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