30 Apr Question: 1. The circular flow model The fol lowing diagram presents a circular-flow model of a simple econ…
1. The circular flow model The fol lowing 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 Fims Households Markets for Factors of Production ids earn income when firms purchase goods and services in factor markets. Based on this model, households when firmspurchase factors of aspirin at Pillmart Pharmacy, pillmart Suppose Beth earns $650 per week working as a doctor for the Medical Clinic.s Pharmacy pays Andrew $475 per week to work the cash register. Andrew uses s goods and services cal serv Identify whether each of the following events in this scenario occurs in the factor market or the product market.
Grammarly Cengage Ha o in factor markets Based on this model, households earn income whon firms purchase goods and services Suppose Beth earns $050 per week working as a doctor for the Medical Clinic. She uses 49 to buy a box of aspirin et mimert Prarmeey nimant Pharmacy pays Andrew s47s per weok to work the cash register. Andrew uses $350 to purchase medical servieas from the Hodikal cine identiry whether each of the following events in this scenario occurs in the factor market or the product markot. Factor Market Product Market Event Andrew spends $350 to purchase medical services from the Medical Clinic, Beth earns $650 per week working for the Medical Clinic. Beth spends $9 to buy a box of aspirin. Which of the etements of this scenario represent a fnow from a household to a firm? This could be a flow of dollars, inputs, or outputa apply. The aspirin Beth receives O The $475 per week Andrew earns working for Pillmart Pharmacy U Beth’s labor O The $350 Andrew spends to purchase medical services from the Medical Clinic Grade It Now Save & Continue Coninue without saving
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