The following diagram presents a circularflow 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 7 Firms Households L Markets for J Factors of Production Based on this model, households earn income when Y purchase Y in markets for factors of production. Suppose Neha earns $750 per week working as an air traffic controller for PIaneRed Airlines. She uses $7 to have a pint at Breanna's Brewing Company. Breanna's Brewing Company pays Lorenzo $350 per week to serve as head brewer. Lorenzo uses $175 to purchase a flight from PIaneRed 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 sen/ices. Market for Factors of Market for Goods and Event Production Services Lorenzo spends $175 to purchase a flight from PIaneRed Airlines. 0 O Lorenzo earns $350 per week working for Breanna's Brewing O O Company. Neha earns $750 per week working for PIaneRed Airlines. O 0 Which of the elements of this scenario represent a ow from a rm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. C] The $350 per week Lorenzo earns working for Breanna's Brewing Company D The $175 Lorenzo spends to purchase a flight from PIaneRed Airlines D The beer Neha receives True or False: For the economy as a whole, expenditures must equal income. 0 True 0 False 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 ow of inputs and outputs. Markets for l_. Goods and Services _| Firms Households L Markets for J Factors of Production Based on this model, households earn income when V purchase V in markets for factors of production. -||er for PlaneRed Airlines. She uses $7 to have a pint at Breanna's Brewing households -k to serve as head brewer. Lorenzo uses $175 to purchase a ight from PlaneRed Suppose Neha earns $750 per week working as an a Company. Breanna's Brewing Company pays Lorenz 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 Lorenzo spends $175 to purchase a flight from PlaneRed Airlines. 0 O Lorenzo earns $350 per week working for Breanna's Brewing O O Company. Neha earns $750 per week working for PlaneRed Airlines. O Q Which of the elements of this scenario represent a flow from a rm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. D The $350 per week Lorenzo earns working for Breanna's Brewing Company D The $175 Lorenzo spends to purchase a ight from PlaneRed Airlines C] The beer Neha receives True or False: For the economy as a whole, expenditures must equal income. 0 True 0 False The following diagram presents a circularflow 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 _| rms Households L Markets for 'l Factors of Production Based on this model, households earn income when Y purchase Y in markets for factors of production. Suppose Neha earns $750 per week working as an air traffic controller for Plane goods and serVIces $7 to have a pint at Breanna's Brewing Company. Breanna's Brewing Company pays Lorenzo $350 per week to serve as labor and capital uses $175 to purchase a flight from PIaneRed 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 Lorenzo spends $175 to purchase a flight from PIaneRed Airlines. 0 O Lorenzo earns $350 per week working for Breanna's Brewing O O Company. Neha earns $750 per week working for PIaneRed Airlines. O Q 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 aii that apply. C] The $350 per week Lorenzo earns working for Breanna's Brewing Company D The $175 Lorenzo spends to purchase a flight from PIaneRed Airlines C] The beer Neha receives True or False: For the economy as a whole, expenditures must equal income. O True 0 False