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engage.co CENGAGE | MINDTAP Homework (Ch 15) Attempts Keep the Highest / 4 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 Yvette earns $850 per week working as a doctor for the Medical Clinic, She uses ss to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Sean $475 per week to work the cash register. Sean uses $175 to purchase medical services from the Medical Clinic. 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.MindTap - Cengage Learning X G Suppose Yvette earns $850 per w x C 1. The Economy's Income And Ex % + X g.cengage.com/staticb/ui/evo/index.html?deploymentld=5677172285768718789809854&eISBN=9781337096669&id=1397124299&snap CENGAGE | MINDTAP Homework (Ch 15) Suppose Yvette earns $850 per week working as a doctor for the Medical Clinic. She uses $8 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Sean $475 per week to work the cash register. Sean uses $175 to purchase medical services from the Medical Clinic. 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 Yvette spends $8 to buy a box of aspirin O Yvette earns $850 per week working for the Medical Clinic. O O Sean spends $175 to purchase medical services from the Medical Clinic 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 s of apply The aspirin Wette receives Yvette's labor The $475 per week Sean earns working for Pillmart Pharmacy True or False: Gross domestic product (GDP) measures total expenditures on final goods and services during a given period of time. True O False Grade It Now Save & Continue Continue without saving 21 CO