(Solved): 1. The economy's Income and expenditure The following diagram presents a circular-flow model of a ...

1. The economy's Income and expenditure The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the Inner set of arrows (shown in red) shows the corresponding flow of Inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn Income when purchase In markets for factors of production. Suppose Juanita earns $650 per week working as a flight attendant for Flyaway Airlines, She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Gliberto $350 per week to wait tables. Gilberto uses $200 to purchase air travel to Hawall from Flyway Airlines. 1. The economy's income and expenditure The following diagra presents a circular:dow model of a simple economy. The outer set of arrows (shown in green) sth inner set of arrows (shown in red) shows the corresponding Now of inputs and outputs. Goods and Sec Based on this model, households eam income when purchase in market for face firms Suppose uita carns $650 per week working as a for flyaway. Alrlines. She uses to order a molto cachtalar Havana says Gilberto $350 per week to wait table households 200 to purchase air travel to Hawal from Faway Airlines Identity whether each of the flowing events in this scenario occurs in the market for factors of production or the market for (Ch 10) conomy's income and expenditure ving diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firm Households Markets for Factors of Production on this model, households earn income when purchase in markets for facto Juanita 'earns $650 per week working as a flight attendant for Flyaway goods and services o order a mojito cocktail a qays Gilberto $350 per week to wait tables. Gilberto uses $200 to purch labor and capital from Flyaway Airlines. Homework (Ch 10) Event 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 Gilberto earns $350 per week working for Little Havana. Juanita earns $650 per week working for Flyaway Airlines. Gilberto spends $200 to purchase air travel to Hawall from Flyway Airlines Which of the elements of this scenario represent a now from a firm to a household? This could be a flow of dollars, Inputs, or outputs. Check all that a apply. The $350 per week Gilberto earns working for Little Havana The $200 Gilberto spends to purchase air travel to Hawali from Hyaway Airlines The mojito Juanita receives True or False: For the economy as a whole, expenditures must equal income. True False