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1. The economy's income and expenditure 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 V in markets for factors of production. Suppose Latasha earns $625 per week working as a households ht for Flyaway Airlines. She uses $8 to order a mojito cocktail at Little Havana. Little Havana pays Jake $500 per week to wait tables. Jak firms purchase air travel to Hawaii from Flyaway Airlines.1. The economy's income and expenditure 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 markets for factors of production. Suppose Latasha earns $625 per week working as a flight attendant for Flyaway labor and capital to order a mojito cocktail at Little Havana. Little Havana pays Jake $500 per week to wait tables. Jake uses $400 to purchase air goods and services Flyaway Airlines.Suppose Latasha earns $625 per week working as a ight attendant for Flyaway Airlines. She uses $8 to order a rnojito cocktail at Little Havana. Little Havana pays Jake $500 per week to wait tables. Jake uses $400 to purchase air travel to Hawaii from Flvaway Airlines. 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. Market for Factors of Market for Goods and Event Production Services Jake earns $500 per week working for Little Havana. O 0 Jake spends $400 to purchase air travel to Hawaii from Flyaway O 0 Airlines. Latasha earns $625 per week working for Flyaway Airlines. 0 O Which of the elements of this scenario represent a ow from a household to a firm? This could be a ow of dollars, inputs, or outputs. Check all that apply. l:l Latasha's labor C] The $400 Jake spends to purchase air travel to Hawaii from Flyaway Airlines C] The $500 per week Jake earns working for Little Havana True or False: For the economy as a whole, expenditures must equal income. 0 True 0 False