Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods
Question:
Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of euros for each of the following activities.
a. Sam pays a shopkeeper €1 for a litre of milk.
b. Georgia earns €4.50 per hour working at a fast food restaurant.
c. Millie spends €7 to see a film.
d. Owen earns €10 000 from his 10 per cent ownership of Pan-European Industrial.
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