CENGAGE | MINDTAP Homework (Ch 02) Attempts | 1.0 | 1. 2 neep the nignest 1.J / J 2. The circular-flow model 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 factor markets. Suppose Simone earns $575 per week working as a software engineer for Casement. She uses $8 to take a yoga class at Big Bend. Big Bend pays Rajiv $300 per week to instruct yoga. Rajiv uses $200 to purchase software from Casement. SearchBased on this model, households earn income when purchase in factor markets. Suppose Simone earns $575 per week working as a software engineer for Casement. She uses $8 to take a yoga class at Big Bend. Big Bend pays Rajiv $300 per week to instruct yoga. Rajiv uses $200 to purchase software from Casement. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Rajiv spends $200 to purchase software from Casement. O O Rajiv earns $300 per week working for Big Bend. O O Simone earns $575 per week working for Casement. O O 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 apply. The yoga class Simone receives The $200 Rajiv spends to purchase software from Casement Simone's labor O The $300 per week Rajiv earns working for Big Bend Grade It Now Save & Continue Continue without saving Search