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.The mojito Lucia receivesO The $350 per week Kenji earns working for Little HavanaThe $250 Kenji spends to purchase legal service from Rowan and Martin AssociatesLucia's labor 2. The circular-flow modelThe 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.FirmsMarkets forGoods and ServicesMarkets forFactors of ProductionBased on this model, firms earn revenue whenEventHouseholdspurchaseSuppose Lucia earns $650 per week working as a corporate attorney for Rowan and Martin Associates. She uses $10 to order a mojito cocktail at LittleHavana. Little Havana pays Kenji $350 per week to wait tables. Kenji uses $250 to purchase legal service from Rowan and Martin Associates.in product markets.Identify whether each of the following events in this scenario occurs in the factor market or the product market.Factor Market Product MarketKenji earns $350 per week working for Little Havana.Lucia spends $10 to order a mojito cocktail.Kenji spends $250 to purchase legal service from Rowan and Martin Associates.

Circular flow of diagram represents the interrelationship between the four sectors of the namely…

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 pply. The mojito Lucia receives The $350 per week Kenji earns working for Little Havana The $250 Kenji spends to purchase legal service from Rowan and Martin Associates Lucia's labor

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 pply. The mojito Lucia receives The $350 per week Kenji earns working for Little Havana The $250 Kenji spends to purchase legal service from Rowan and Martin Associates Lucia's labor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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