Attempts 1.2 l 1.7 l Keeplhe Highest1.7!3 2. The circular-flow model The following diagram presents a circularow model of a simple economy. The outer set of arrows (shown in green) shows the ow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inpuls and outputs. Based on this model, households earn income when 7 purchase 7 in factor markets. Suppose Ana earns $775 per week working as work as a ight attendant for Flyaway Airlines. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Yakov $200 per week to wait tables. Yakov uses $300 to purchase air travel to Hawaii from Flyaway Airlines. Based on this model, households earn income when purchase in factor markets. Suppose Ana earns $775 per week working as work as a flight attendant for Flyaway Airlines. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Yakov $200 per week to wait tables. Yakov uses $300 to purchase air travel to Hawaii from Flyaway Airlines. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Yakov earns $200 per week working for Little Havana. O O Ana earns $775 per week working for Flyaway Airlines. O O Yakov spends $300 to purchase air travel to Hawaii from Flyaway Airlines. O O 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. O The $300 Yakov spends to purchase air travel to Hawaii from Flyaway Airlines O Ana's labor O The $200 per week Yakov earns working for Little Havana The mojito Ana receives