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 them in Blank 6 market back to households.
Homework Answers
Circular flow model indicates the circular flow of income in a
simplified economic model consisting of two sectors - Households
and Firms.
Households provide factors of production and earn factor income and Firm provide goods and services and earn revenue/income.
Factors of production and factors income are exchanged in resource market. Good and services and payment for them is exchanges in product market.
Thus,
Households spend money by consuming products in the product market. This money is income/revenue for businesses.
Businesses use the revenue to cover their cost of production (such as land, labor, capital) in the resource market.
That money flows as factor income to households.
The factors of production flow from households to the firms in the resource market.
These resources are used by businesses to create goods and services and sell them in Product market back to households.
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According to the Circular Flow Model on page 40, Households
spend money by consuming products in...
Let's put dollar amounts on the flows in the circular flow diagram below. Money incom RESOURCE...
Let's put dollar amounts on the flows in the circular flow diagram below. Money incom RESOURCE MARKET • Households sell • Businesses buy borand, crew profiel Resource FIGURE 2.2 The circular flow diagram. Resources flow from households to businesses through the resource market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows. Households receive income from businesses their costs) through the resource market, and businesses receive revenue from households their expenditures)...
Money inco RESOURCE MARKET - Households sell Businesses buy Labor, land, euro aby Resources FIGURE 2.2...
Money inco RESOURCE MARKET - Households sell Businesses buy Labor, land, euro aby Resources FIGURE 2.2 The circular flow diagram. Resources flow from households to businesses through the resource market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows Households receive income from businesses their costs) through the resource market, and businesses receive revenue from households their expenditures) through the product market. orest proses sual, entrepre wages, rents BUSINESSES . buy...
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...
The circular flow model shows the O A. distribution of income to the different factors of...
The circular flow model shows the O A. distribution of income to the different factors of production O B. combinations of the factors of production needed to produce goods and services. O C. flow of expenditure and incomes that arise from the households', firms, and governments' decisions. OD. distribution of income and consumption goods across income levels. O E. flow of natural resources from firms to the private market to government and back to firms,
Using the following circular flow diagram, where red marks real flows are blue marks monetary flows,...
Using the following circular flow diagram, where red marks real flows are blue marks monetary flows, match the correct letter in the diagram to the description provided Circular Flow Diagram Resource Market Product Market a. Land, labor, capital, and entrepreneurial activity:A b. Households: (Click to select) C. Consumer expenditures: Click to select d. Costs. | (Click to select) e. Money income: (Click to select) f. Resources: (Click to select) g. Businesses: Click to select) h. Revenue: (Click to select)) i....
In the circular flow, households supply goods and services in product market supply factors of production...
In the circular flow, households supply goods and services in product market supply factors of production in the factor market use the resources for production buy factors of production 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
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...
1) Households are vital to the circular flow model in what two ways? They export goods...
1) Households are vital to the circular flow model in what two ways? They export goods and services and import goods and services. They supply factors of production and purchase goods and services. They vote for political officers and pay taxes. They facilitate exchange between consumers and firms. 2) Scarcity requires that we: change our fiscal policy until the situation of scarcity is eliminated. make decisions in order to arrange our resources rationally. adopt economic policies that will lead to...
In the circular flow model, households earn their incomes in the Select one: O a. capitalist...
In the circular flow model, households earn their incomes in the Select one: O a. capitalist markets. O b. product markets. c. resource markets. d. money markets.
Let's put dollar amounts on the flows in the circular flow diagram below. Money incom RESOURCE MARKET • Households sell • Businesses buy borand, crew profiel Resource FIGURE 2.2 The circular flow diagram. Resources flow from households to businesses through the resource market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows. Households receive income from businesses their costs) through the resource market, and businesses receive revenue from households their expenditures)...
Money inco RESOURCE MARKET - Households sell Businesses buy Labor, land, euro aby Resources FIGURE 2.2 The circular flow diagram. Resources flow from households to businesses through the resource market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows Households receive income from businesses their costs) through the resource market, and businesses receive revenue from households their expenditures) through the product market. orest proses sual, entrepre wages, rents BUSINESSES . buy...
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...
The circular flow model shows the O A. distribution of income to the different factors of production O B. combinations of the factors of production needed to produce goods and services. O C. flow of expenditure and incomes that arise from the households', firms, and governments' decisions. OD. distribution of income and consumption goods across income levels. O E. flow of natural resources from firms to the private market to government and back to firms,
Using the following circular flow diagram, where red marks real flows are blue marks monetary flows, match the correct letter in the diagram to the description provided Circular Flow Diagram Resource Market Product Market a. Land, labor, capital, and entrepreneurial activity:A b. Households: (Click to select) C. Consumer expenditures: Click to select d. Costs. | (Click to select) e. Money income: (Click to select) f. Resources: (Click to select) g. Businesses: Click to select) h. Revenue: (Click to select)) i....
In the circular flow, households supply goods and services in product market supply factors of production in the factor market use the resources for production buy factors of production in the factor market
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...
In the circular flow model, households earn their incomes in the Select one: O a. capitalist markets. O b. product markets. c. resource markets. d. money markets.
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