Homework (Ch 23) Based on this model, households earn income when purchase in markets for factors of production. Suppose Simone earns $650 per week working as a gemcutter for Josiah's Jewelry. She uses $9 to have dessert at Guilherme's Garden. Guilherme's Garden pays Rajiv $350 per week to curate a wine list. Rajiv uses $175 to purchase precious stones from Josiah's Jewelry. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Event Market for Factors of Production Market for Goods and Services Simone spends $9 to have dessert. O O Simone earns $650 per week working for Josiah's Jewelry. Rajiv spends $175 to purchase precious stones from Josiah's Jewelry. 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 $350 per week Rajiv earns working for Guilherme's Garden The dessert Simone receives Simone's labor True or False: Gross domestic product (GDP) cannot be used to measure the economy's income. True O False