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In the circular-flow diagram households receive money for ______ in the ______ market?
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- In the circular-flow diagram, the goods markets are where: (a) The households purchase goods from firms;(b) Firms purchase goods from government;(c) Firms purchase goods from households;(d) The government purchases goods from households.According to a simple circular-flow diagram, how many markets do households and firms interact in? A. four types of markets B. one type of market C. two types of markets D. three types of marketsThe economy of Sydaveria has developed, and the inhabitants use money in the form of shells. Draw a circular flow diagram showing households, firms, factors and markets. Firms produce fish and potatoes. Households provide land and labor to firms. Describe how the impact of each of the following events would spread around the circle. A devasting hurricane floods many of the potato fields. A very productive fishing season leads to a large increase in fish caught. The inhabitants of Sydaveria discover High School Musical and spend several months at festivals dedicated to singing and dancing to the soundtrack.
- Part A: Give a specific example of something a household would buy or sell in the product market. Part B: In the circular flow diagram, what is a specific example of what you would buy or sell in the factor market.What determines whether a good is “capital” or a “consumer good”? How it is purchased: with business funds or with personal funds How it is used: to produce further wealth, or to be consumed Where it is located: in a home or in a business Where it is purchased: from a wholesaler or from a retailer Who uses it: the person buying it or an employee of theirsThe outer flow in the circular flow diagram is measured in O goods and services produced inputs (factors of production) O government revenues O money MacBook Air 吕口 F3 D00 F4 F5 F6 F7 F8 2$ & 4 7 8 Y 6
- What is produce.?Let's put dollar amounts on the flows in the circular flow diagram below. RESOURCE MARKET Costs Resources BUSINESSES buy resources -sell products and Revenue Households sell -Businesses buy PRODUCT MARKET -Businesses sell -Households buy billion oney Income (wages rents Labor, and capital Deurial abay Interest, profita entrepre HONSEHOLDS -Presources .buy products Goods and ds and services Consumption Instructions: Enter your answers as a whole number. Suppose that businesses buy a total of $190 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $96 billion in wages, $28 billion in rent, and $38 billion in interest, how much are households paid for providing entrepreneurial ability? billion b. If households spend $100 billion on goods and $90 billion on services, how much in revenues do businesses receive in the product market?George owns a house on a 10-acre lot filled with peach trees. Each year he hires a few workers to pick the peaches, then he sells them to Patty's Pies for $5,000. Patty uses the peaches to make pies that she sells for $8,000 to local restaurants. The local restaurants sell the pies (by the slice) to consumers for a total of $10,000. Instructions: Enter your answers as a whole number. a. As a result of these transactions, GDP increases by: $ b. The value added by George is: $ The value added by Patty is: $ The value added by the local restaurants is: $
- Can you identify and explain your family’s interaction in the market for factors of production and your family’s interaction in the market for goods and services.Give typing answer with explanation and conclusion Which of the following illustrates goods markets? A. Maggie took an educational loan of $10,000. Safeway sells milk at $4.35 a gallon. B. Anna got a job with a public firm. Smith wants to take a vacation in December. C. Walmart sells potatoes at $2.14 a pound. Ann bought a new condo for $200,000. D. Banks have raised interest rates to 2.5 percent. Ryan enjoys playing chess.If this economy devotes all of its resources to the production of notepads, then it will produce