Business, 11.02.2020 03:23 janette32

The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of defers, and the set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Based on this model, firms earn revenue when purchase in product markets. Suppose Sharon earns $650 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to get her car washed at Spotless Car wash. Spotless Car Wash pays Paolo $300 per week to wash cars. Paolo uses $250 to purchase necklace from Classy's Jewelry store. Identify whether each of the following events in this scenario occurs in the resource market or the product market. 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 $250 Paolo spends to purchase necklace from classy's Jewelry Store The $300 per week Paolo earns working for Spotless car Wash Sharon's labor The car wash Sharon receives

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The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (s...

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