Homework Answers
The given figure represents the circular flow diagram. It is the representation of the flow of goods and money between two parts of the economy.
The arrow of demand for final goods represents that households demand final goods and spend their money in buying goods and services produced by firms.
The arrow of supply of final goods represents that firms supply goods and services they have produced and receiving revenue paid by households.
The arrow of supply of factors represents that households offer their labor, capital and other factors such as land and receiving income for their use.
The arrow of demand for factors represents that firms demand land, labor and other factors for the production of goods and services and in return pay wages, rent to households.
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b) Explain briefly the following figure. Supply of final goode nd for tinal goods Households Firms...
Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model,...
Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, firms earn revenue when firms purchase factors in product markets. Suppose Juanita earns $850 per week working as an analyst for A-Plus Accountants. She uses $10 to order a mojito cocktail at Little Havana. Little Havana pays Gilberto $300 per week to wait tables. Gilberto uses $125 to purchase tax services from A-Plus Accountants. Identify whether each of the following events in this scenario...
Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model,...
Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in factor markets. Suppose Caroline earns $825 per week working as an analyst for A-Plus Accountants. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Antonio $500 per week to wash cars. Antonio uses $350 to purchase tax services from A-Plus Accountants. Identify whether each of the following events in this scenario...
12) 12) In the circular flow model, A) firms are sellers of goods and services in...
12) 12) In the circular flow model, A) firms are sellers of goods and services in goods markets. B) households are buyers of goods and services in the factor markets C) households are sellers of factor services in goods markets. D) firms are sellers of the factors in factor markets. B) firms are buyers of goods and services in final markets 13) 13) Which one of the following is an income flow from firms to households? A) goods and services...
which of the following is true of resource market mclec06h ch01-01.11m Which of the following is...
which of the following is true of resource market
mclec06h ch01-01.11m Which of the following is true of resource markets? a. Factors of production are bought and sold in these markets. O b. Firms supply resources to households in resource markets. c. Goods and services are bought and sold in these markets. d. The government supplies resources to households in resource markets.
Suppose the US money supply is reduced. Briefly explain how the following variables will change in...
Suppose the US money supply is reduced. Briefly explain how the following variables will change in each of the following phases: When inflation expectations change a. Real money supply b. Interest rate c. Exchange rate (dollars per euro) d. Price level
1. Describe and briefly explain whether the following changes cause the short-run aggregate suppl...
1. Describe and briefly explain whether the following changes cause the short-run aggregate supply to increase, decrease or nether: a. The price level increases b. Input prices decrease c. Firms and workers expect the price level to fall d. The price level decreases e. New policies increase the cost of meeting government regulations f. The number of workers in the labor force increases
1. Describe and briefly explain whether the following changes cause the short-run aggregate supply to increase, decrease...
Briefly explain about this question. Construct a model to manage domestic supply chain for one of...
Briefly explain about this question. Construct a model to manage domestic supply chain for one of the products that has less favor in the market compare with the imported goods. (a) Examine the main problem for your model (b) Express the causes of that problem. (c) Find the way to solve that problem.
7. Which one of the following is an example of the circular flow model and shows...
7. Which one of the following is an example of the circular flow model and shows the interdependence of households and firms? a. The firms go to the resource market to supply resources that households demand and, in turn, provide households with the goods and services produced for the product markets. b. Households demand their resources from the firms in the factor markets and, in turn, supply in the product market the goods and services produced by firms. c. The...
help me with these 3 problems please Markets for Goods and Services Firms Households Markets for...
help me with these 3 problems please
Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, firms earn revenue when purchase in product markets. Suppose Ginny earns $575 per week working as a doctor for the Medical Clinic. She uses $8 to have breakfast at Dinah's Diner. Dinah's Diner pays Eric $275 per week to work as a short-order cook. Eric uses $125 to purchase medical services from the Medical Clinic dentify whether...
1.Evaluate whether the value of their goods will be included in GDP calculations. Explain briefly. (15...
1.Evaluate whether the value of their goods will be included in GDP calculations. Explain briefly. (15 Points) a) Corn planted by the consumer in his garden b) Apple sold by the market to the organization c) The onion sold by the farmer to the greengrocer d) Red pepper in tomato paste made in the factory e) The flour sold by the grocery store in the menu f) The shirt sewed by the consume 2.While all other factors are constant, in...
Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, firms earn revenue when firms purchase factors in product markets. Suppose Juanita earns $850 per week working as an analyst for A-Plus Accountants. She uses $10 to order a mojito cocktail at Little Havana. Little Havana pays Gilberto $300 per week to wait tables. Gilberto uses $125 to purchase tax services from A-Plus Accountants. Identify whether each of the following events in this scenario...
Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in factor markets. Suppose Caroline earns $825 per week working as an analyst for A-Plus Accountants. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Antonio $500 per week to wash cars. Antonio uses $350 to purchase tax services from A-Plus Accountants. Identify whether each of the following events in this scenario...
12) 12) In the circular flow model, A) firms are sellers of goods and services in goods markets. B) households are buyers of goods and services in the factor markets C) households are sellers of factor services in goods markets. D) firms are sellers of the factors in factor markets. B) firms are buyers of goods and services in final markets 13) 13) Which one of the following is an income flow from firms to households? A) goods and services...
which of the following is true of resource market
mclec06h ch01-01.11m Which of the following is true of resource markets? a. Factors of production are bought and sold in these markets. O b. Firms supply resources to households in resource markets. c. Goods and services are bought and sold in these markets. d. The government supplies resources to households in resource markets.
1. Describe and briefly explain whether the following changes cause the short-run aggregate supply to increase, decrease or nether: a. The price level increases b. Input prices decrease c. Firms and workers expect the price level to fall d. The price level decreases e. New policies increase the cost of meeting government regulations f. The number of workers in the labor force increases
1. Describe and briefly explain whether the following changes cause the short-run aggregate supply to increase, decrease...
7. Which one of the following is an example of the circular flow model and shows the interdependence of households and firms? a. The firms go to the resource market to supply resources that households demand and, in turn, provide households with the goods and services produced for the product markets. b. Households demand their resources from the firms in the factor markets and, in turn, supply in the product market the goods and services produced by firms. c. The...
help me with these 3 problems please
Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, firms earn revenue when purchase in product markets. Suppose Ginny earns $575 per week working as a doctor for the Medical Clinic. She uses $8 to have breakfast at Dinah's Diner. Dinah's Diner pays Eric $275 per week to work as a short-order cook. Eric uses $125 to purchase medical services from the Medical Clinic dentify whether...
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