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.

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.

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

See similar textbooks

Similar questions

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. Stuart earns $4.50 per hour working at a fast-food restaurant.
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. Sam pays a storekeeper $1 for a quart of milk. Sally earns $4.50 per hour working at a fast food restaurant. Serena spends $7 to see a movie. Stuart earns $10,000 from his 10 percent ownership of Acme Industrial.
1. Draw a circular flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the follow of money for each of the following activities. Alain pays a storekeeper P100 for a liter of milk. John earns P90 per hour working at a fast-food restaurant Hanna spends P120 to get a haircut Anton earns P100,000 from his retailing business.
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.
In the circular-flow diagram households receive money for ______ in the ______ market?
i. Draw a circular-flow diagram and Identify the parts of the model that correspondto the flow of goods and services and the flow of dollars when Paul purchases a pair of shoes for $30. ii. Draw a circular-flow diagram and dentify the parts of the model that correspondto the flow of goods and services and the flow of dollars whenShannon receives a salary of $1,500 per week at the supermarket whichshe works. iii. Draw a circular-flow diagram and dentify the parts of the model that correspondto the flow of goods and services and the flow of dollars when Honda Limited receives $20,000 for the sale of a sports utility vehicle. iv. Draw a circular-flow diagram and dentify the parts of the model that correspondto the flow of goods and services and the flow of dollars whenMark earns $2,000 from his 15 percent ownership of Apple stock. B.Classify The following statements as positive or normative. Explain. I.Higher tax rates discourage savings and working.
Explain the circular flow diagram
In the circular-flow diagram, which of the following do firms NOT do? a. use factors of production to produce output b. produce goods and services c. hire workers d. produce factors of production
In the simple circular-flow diagram, a. households own the factors of production. b. households buy all the goods and services that firms produce. c. land, labor, and capital flow from households to firms. d. All of the above are correct.
Illustrate using the circular flow model how resources are utilized by household and the business sector
Imagine that you just paid $50 for a new pair of jeans. According to the circular flow diagram, what decisions were made concerning the jeans you purchased, and who made decisions about the jeans you bought?
What is the importance of the circular-flow diagram?