Markets for Goods and Services Households Firms Markets for Factors of Production in markets for factors of production. purchase Based on this model, households earn income when Suppose Alyssa earns $625 per week working as a flight attendant for Flyaway Airlines. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Tim $375 per week to work the cash register. Tim uses $225 to purchase air travel to Hawaii from Flyaway Airlines. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Market for Factors of Market for Goods and Production Services Event Alyssa spends $10 to buy a box of aspirin. Tim spends $225 to purchase air travel to Hawaii from Flyaway Airlines. Tim earns $375 per week working for Pillmart Pharmacy. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Market for Goods and Market for Factors of Production Services Event Alyssa spends $10 to buy a box of aspirin. Tim spends $225 to purchase air travel to Hawaii from Flyaway Airlines. Tim earns $375 per week working for Pillmart Pharmacy. Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. O Alyssa's labor The $225 Tim spends to purchase air travel to Hawaii from Flyaway Airlines The aspirin Alyssa receives True or False: The actual economy is more complicated than the simple one illustrated in this circular-flow diagram. True False

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