Draw a Circular-Flow diagram. Identify the parts of the model that correspond to flow of goods and services and the flow of money for each of the following activities. ) Pervin pays a shopkeeper 1 manat for a litre of milk.

Draw a Circular-Flow diagram. Identify the parts of the model that correspond to flow of goods and services and the flow of money for each of the following activities. ) Pervin pays a shopkeeper 1 manat for a litre of milk.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 1PA

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Question

2. Draw a Circular-Flow diagram. Identify the parts of the model that correspond to
the flow of goods and services and the flow of money for each of the following activities.
(a) Pervin pays a shopkeeper 1 manat for a litre of milk.
(b) Nermin earns 3 manats per hour working at a fast food restraunt
(c) Azer spends 7 euros to see a film.
(d) Anar earns 10000 euros from his 10 percent ownership in a travel company.

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