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. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Households purchase Suppose Janet earns $600 per week working as a cook for Wingies. She uses $8 to take a yoga class at Big Bend. Big Bend pays Felix $350 per week to instruct yoga. Felix uses $200 to purchase chicken wings from Wingies. Event Felix spends $200 to purchase chicken wings from Wingies. Janet spends $8 to take a yoga class. Janet earns $600 per week working for Wingies. Janet's labor Identify whether each of the following events in this scenario occurs in the factor market or the product market. Factor Market Product Market in factor markets. Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply. The $350 per week Felix earns working for Big Bend The $200 Felix spends to purchase chicken wings from Wingies The yoga class Janet receives

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. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Households purchase Suppose Janet earns $600 per week working as a cook for Wingies. She uses $8 to take a yoga class at Big Bend. Big Bend pays Felix $350 per week to instruct yoga. Felix uses $200 to purchase chicken wings from Wingies. Event Felix spends $200 to purchase chicken wings from Wingies. Janet spends $8 to take a yoga class. Janet earns $600 per week working for Wingies. Janet's labor Identify whether each of the following events in this scenario occurs in the factor market or the product market. Factor Market Product Market in factor markets. Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply. The $350 per week Felix earns working for Big Bend The $200 Felix spends to purchase chicken wings from Wingies The yoga class Janet receives

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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