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 Based on this model, households earn income when Event Markets for Goods and Services Markets for Factors of Production Households Suppose Teresa earns $675 per week working as an installation technician for Stephon's Satellite Service. She uses $8 to install reflective stickers on her bike at Riley's Off-Road Repair. Riley's Off-Road Repair pays Sam $500 per week to fix bicycles. Sam uses $325 to purchase satellite tv from Stephon's Satellite Service. 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 O O O Sam earns $500 per week working for Riley's Off-Road Repair. Teresa spends $8 to install reflective stickers on her bike. Sam spends $325 to purchase satellite tv from Stephon's Satellite Service. purchase O True False The $325 Sam spends to purchase satellite tv from Stephon's Satellite Service The $500 per week Sam earns working for Riley's Off-Road Repair Teresa's labor in markets for factors of production. 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. True or False: Gross domestic product (GDP) cannot be used to measure the economy's income. O

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