Question

Hannah earns $700 per week working as a flight attendant for Flyaway Airlines. She uses $500 to buy a necklace for her daughter at Classy's Jewellery Store. Classy's Jewellery Store pays Jonas $950 per week to appraise jewellery. Jonas uses $350 to purchase air travel to Toronto from Flyaway Airlines Which of the events in this scenario occur in resource markets? Check an that apply. Hannah earns $700 per week working for Flyaway Airlin O Hannah spends $500 to buy a necklace for her daughter. Jonas earns $950 per week working for Classy's Jewellery Store. Jonas spends $350 to purchase air travel to Toronto from Flyaway Airtines. Which of the elements in this scenario represent a flow from a firm to a household? (Hint: This could be a flow of money, inputs, or outputs.) Check all that apply. Hannah's labour The necklace Hannah receives The $350 Jonas spends to purchase air travel to Toronto from Flyaway Airlines The $950 per week Jonas earns working for Classy's Jewellery Store

Answer 1

1) Hannah earns $700 per week working for flyway Airlines and

Jonas earns $950 per week working for Classy's Jewellery Store.

Here in this scenario, households sell resources in resource market when Hannah supplies his labor to Flyway Airlines and when Jonas supplies his labor to Classy's Jewellery Store.

2) The necklace Hannah receives and

The $950 per week Jonas earns working for Classy's Jewellery Store.

Here in this scenario, when necklace is received by Hannah( household), necklace is an output that flows from a firm to household.

Classy's Jewellery Store( Firm) Pays Jonas (Household) $950 for the labor he provide. Therefore, $950 is a payment flowing from firm to a household.