Question
Please give me answer quickly. I will definitely upvote. The following diagram presents a circular-flow model of a simple economy. The outer set of arrows
Please give me answer quickly.
I will definitely upvote.
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. One set of outer arrows shows how dollars flow from Households to Markets for Goods and Services, and then from Markets for Goods and Services to Firms. The outer arrows show how dollars flow from Firms to Markets for Factors of Production, and then back to Households. The inner set of arrows shows how inputs and outputs flow from Markets for Goods and Services to Households, and then to Markets for Factors of production. The inner arrows show how the inputs and outputs flow from Markets for Factors of Productions to Firms, and then back to Markets for Goods and Services. Based on this model, households earn income when purchasing in factor markets. Suppose Juanita earns $600 per week working as an analyst for A-Plus Accountants. She uses $9 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Gilberto $200 per week to work the cash register. Gilberto uses $275 to purchase tax services from A-Plus Accountants. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Gilberto spends $275 to purchase tax services from A-Plus Accountants. Juanita earns $600 per week working for A-Plus Accountants. Juanita spends $9 to buy a box of aspirin. 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. The $275 Gilberto spends to purchase tax services from A-Plus Accountants Juanita's labor The aspirin Juanita receives The $200 per week Gilberto earns working \for Pillmart Pharmacy
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