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, households earn income when purchase in markets for factors of production. Suppose Crystal earns $650 per week working as a doctor for the Medical Clinic. She uses $9 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Brian $350 per week to wash cars. Brian uses $175 to purchase medical services from the Medical Clinic. 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 Event Crystal earns $650 per week working for the Medical Clinic. Brian spends $175 to purchase medical services from the Medical Clinic. Crystal spends $9 to get her car washed.

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, households earn income when purchase in markets for factors of production. Suppose Crystal earns $650 per week working as a doctor for the Medical Clinic. She uses $9 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Brian $350 per week to wash cars. Brian uses $175 to purchase medical services from the Medical Clinic. 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 Event Crystal earns $650 per week working for the Medical Clinic. Brian spends $175 to purchase medical services from the Medical Clinic. Crystal spends $9 to get her car washed.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please need all the possible and correct answers to this problem, and also this is the whole question. It's not a separate 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 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, households earn income when
purchase
in markets for factors of production.
Suppose Crystal earns $650 per week working as a doctor for the Medical Clinic. She uses $9 to get her car washed at Spotless Car Wash. Spotless
Car Wash pays Brian $350 per week to wash cars. Brian uses $175 to purchase medical services from the Medical Clinic.
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
Event
Crystal earns $650 per week working for the Medical Clinic.
Brian spends $175 to purchase medical services from the Medical
Clinic.
Crystal spends $9 to get her car washed.

Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that
аpply.
Crystal's labor
The $175 Brian spends to purchase medical services from the Medical Clinic
The $350 per week Brian earns working for Spotless Car Wash
True or False: Gross domestic product (GDP) measures total expenditures on final goods and services during a given period of time.
True
O False

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