Markets forFactors of ProductionBased on this model, firms earn revenue whenpurchasein product markets.Suppose Deborah earns $675 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $9 to have breakfast at Dinah's Diner.Dinah's Diner pays Carlos $500 per week to work as a short-order cook. Carlos uses $300 to purchase necklace from Classy's Jewelry Store.Identify whether each of the following events in this scenario occurs in the factor market or the product market.EventFactor MarketProduct MarketDeborah earns $675 per week working for Classy's Jewelry Store.Deborah spends $9 to have breakfast.Carlos spends $300 to purchase necklace from Classy's Jewelry Store.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 thatapply.OThe $300 Carlos spends to purchase necklace from Classy's Jewelry StoreO The $500 per week Carlos earns working for Dinah's DinerO Deborah's laborO The breakfast Deborah receivesolo 13. The circular-flow modelThe 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 theinner set of arrows (shown in red) shows the corresponding flow of inputs and outputs.Markets forGoods and ServicesFirmsHouseholdsMarkets forFactors of ProductionBased on this model, firms earn revenue whenpurchasein product markets.Suppose Deborah earns $675 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $9 to have breakfast at Dinah's DinerDinah's Diner pays Carlos $500 per week to work as a short-order cook. Carlos uses $300 to purchase necklace from Classy's Jewelry Store.Identify whether each of the following events in this scenario occurs in the factor market or the product market.EventFactor MarketProduct MarketDeborah earns $675 per week working for Classy's Jewelry Store.Deborah spends $9 to have breakfast.Carlos spends $300 to purchase necklace from Classy's Jewelry Store.

The above diagram shows circular flow of money and goods and services between firms and households.

13. The circular-filow model 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, firms earn revenue when purchase in product markets. Suppose Deborah earns $675 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $9 to have breakfast at Dinah's Diner. Dinah's Diner pays Carlos $500 per week to work as a short-order cook. Carlos uses $300 to purchase necklace from Classy's Jewelry Store. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Deborah earns $675 per week working for Classy's Jewelry Store. Deborah spends $9 to have breakfast. Carlos spends $300 to purchase neckface from Classy's Jewelry Store

13. The circular-filow model 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, firms earn revenue when purchase in product markets. Suppose Deborah earns $675 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $9 to have breakfast at Dinah's Diner. Dinah's Diner pays Carlos $500 per week to work as a short-order cook. Carlos uses $300 to purchase necklace from Classy's Jewelry Store. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Deborah earns $675 per week working for Classy's Jewelry Store. Deborah spends $9 to have breakfast. Carlos spends $300 to purchase neckface from Classy's Jewelry Store

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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