The following diagram presents a circular-flow model of a simple economy. The ou

Question

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. Based on this model, firms earn revenue when purchase markets for goods and services. Suppose Maria earns $600 per week working as jewelry appraiser for Class's Jewelry Store. She uses $10 to buy a box of aspirin at Pillar Pharmacy. Pill mart Pharmacy pays Kevin $300 per week to work the cash register. Kevin uses $175 to purchase a necklace from class's Jewelry Store. Identify whether each of the fallowing events m MS scenario occurs in the market for factors of production or the market for goods and services. 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 a N that apply. True or False: Gross domestic product (GDP) measures total expenditures on final goods and services during a given period of time.

Explanation / Answer

$175 kevin spends to purchase

True

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