Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. i. Kaleem pays a shopkeeper Rs.150 for a liter of milk. ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. iii. Sana spends Rs.500 on a haircut.

Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. i. Kaleem pays a shopkeeper Rs.150 for a liter of milk. ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. iii. Sana spends Rs.500 on a haircut.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 1PA

See similar textbooks

Similar questions

Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. Kaleem pays a shopkeeper Rs.150 for a liter of milk. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour.
Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. Kaleem pays a shopkeeper Rs.150 for a liter of milk. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. Sana spends Rs.500 on a haircut. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd.
b) Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. i. Kaleem pays a shopkeeper Rs.150 for a liter of milk. ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. iii. Sana spends Rs.500 on a haircut. iv. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd.
Describe 10 principles of economics. Explain what questions economics addresses, as well as the principles of how the economy works. Touch such points as gross domestic product (GPD), the flow of money and goods, and the consumer price index (CPI). in
The economy can be represented by economic models. One of the models we use to understand the economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. Sana spends Rs.500 on a haircut. Mustafa receives Rs.200,000 from his 10 per cent ownership of Salman Chemicals Ltd.
1. Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities. a. Selena pays a storekeeper $1 for a liter of milk. b. Stuart earns $4.50 per hour working at a fast-food restaurant. c. Shanna spends $30 to get a haircut. d. Salma earns $10,000 from her 10% ownership of Acme Industrial.
classify the following as macroeconomics or micro economics and provide a justification for your choice from the list below: a) Macro, examining one sector in economy b) Macro, examining one firm in economy, c) Macro, examining entire economy, d) Micro, examining one specific firm, e)Micro, examing one individual f)Micro, examining one sector of economy 1. a firms decision abouthow many workers to hire 2.Susans decisision about how much income to save 3.The statistical institution in your country projects a 22.5% increase in the number of workers in the healthcare industry from 2008 to 2018 4. Parliament is debating the option of implementing a value added tax (vat) as a means to cut the government deficit
a) Can you identify and explain your family’s interaction in the market for factors of production and your family’s interaction in the market for goods and services. b) Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. i. Kaleem pays a shopkeeper Rs.150 for a liter of milk. ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. iii. Sana spends Rs.500 on a haircut. iv. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd.
what is Law of economy
Explain, how does the economy as a whole works? And which economic agents are of the greatest importance in determining what goods and services are produced?
Circular flow diagram: Include the government sector in your explanation, a description of the roles that each participant plays in the economy, and how the different sectors interact in the markets. The Production Possibilities model: Provide an example and include a summary of what the model is illustrating and the economic implications for the economy. Microeconomics and macroeconomics: Explain the differences between the two and why economics is divided into these two subdivisions.
Tyson and Ella work at the Ruby Red Movie Theater in town. After work, they decide to watch a movie. After purchasing their tickets, they stop by the concession stand and purchase popcorn, drinks, and candy. Use the circular flow diagram to describe the purchases that Tyson and Ella made and the services and goods that were provided to them.