Homework Answers
ANswer
Option 2
In circular flow, households supply factors in the factor market and the firms hire factors in the factor market.
In goods market, firms supply goods and services and the households purchase it.
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In the circular flow, households supply goods and services in product market supply factors of production...
In the simple circular flow, businesses trade goods and services for resources in the product market....
In the simple circular flow, businesses trade goods and services for resources in the product market. consumers trade goods and services for monetary payments in the factor market. producers trade goods and services for monetary payments in the product market. consumers trade resources for goods and services in the factor market.
question 1 and 5 8 je Circular Flow of Economic Activity Worksheet 1. Which of the...
question 1 and 5
8 je Circular Flow of Economic Activity Worksheet 1. Which of the following is NOT one of the three fundamental economic participants a. households b. businesses c. banks d. government 2. The simple circular flow model shows that: a. households are on the selling side of the resource market and the buying side of the product market. b. households are on the buying side of both product and resource markets c. businesses are on the buying...
According to the Circular Flow Model on page 40, Households spend money by consuming products in...
According to the Circular Flow Model on page 40, Households spend money by consuming products in the product market. This money is Blank 1 for businesses. Businesses use the revenue to cover their Blank 2 of production (such as land, labor, capital) in the resource market. That money flows as Blank 3 to households. The factors of production flow from Blank 4 to the Blank 5 market. These resources are used by businesses to create goods and services and sell...
Explain the function of the goods and services market and the factors of production market in...
Explain the function of the goods and services market and the factors of production market in the Circular Flow Model. Explain both real and money flows and the role of prices in both the product and factor markets. Using an example, explain why the production possibilities frontier is bowed outward. Use the production possibilities frontier to explain fully economic growth, efficiency, and inefficiency. Suppose that China can use cheaper labour to produce every product more cheaply than Canada. Explain why...
Households purchase final goods and services in the factor market. purchase final goods and services in...
Households purchase final goods and services in the factor market. purchase final goods and services in the product market. purchase resources in the product market. purchase resources in the factor market
In a circular flow of model of a market system: a-households receive income from businesses in...
In a circular flow of model of a market system: a-households receive income from businesses in exchange for providing inputs and use that income to buy goods and services from businesses b- businesses receive revenues from households in exchange for providing goods and services and use those revenues to buy inputs from households c- households receive revenue for selling goods and services to businesses, and use that revenue to buy inputs from businesses d- A and B are both correct
Which actor in the simplified circular flow model is on the supply side of the goods...
Which actor in the simplified circular flow model is on the supply side of the goods market? Markets for factors of production Government Firms Households
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...
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...
14) Money Resource (Factor) Market production income Factors of v Businesses Households Product Market expenditures Consumption...
14) Money Resource (Factor) Market production income Factors of v Businesses Households Product Market expenditures Consumption Use this circular flow diagram illustrating the roles of businesses and individuals in both the product and resource markets to answer any questions that follow, Arrow IV represents the flow of which three things? A investment, credit, and capital Product Market expenditures Consumption Use this circular flow diagram illustrating the roles of businesses and individuals in both the pr resource markets to answer any...
question 1 and 5
8 je Circular Flow of Economic Activity Worksheet 1. Which of the following is NOT one of the three fundamental economic participants a. households b. businesses c. banks d. government 2. The simple circular flow model shows that: a. households are on the selling side of the resource market and the buying side of the product market. b. households are on the buying side of both product and resource markets c. businesses are on the buying...
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...
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...
14) Money Resource (Factor) Market production income Factors of v Businesses Households Product Market expenditures Consumption Use this circular flow diagram illustrating the roles of businesses and individuals in both the product and resource markets to answer any questions that follow, Arrow IV represents the flow of which three things? A investment, credit, and capital Product Market expenditures Consumption Use this circular flow diagram illustrating the roles of businesses and individuals in both the pr resource markets to answer any...
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