Attempts 1.2 l 1.5 I Keep the Highest1.5/ 3 4. The circular flow model The following diagram presents a circular ow model of a simple economy. The outer set of arrows (shown in green) shows the ow of dollars, and the inner set of arrows (shown in blue) shows the corresponding flow of inputs and outputs. Homework: The Economy: Myth and Reality Based on this model, households earn incomes when V purchase V in the markets for inputs. Suppose Susan earns $500 per week working as jewelry appraiser for Classy's Jewelry Store. She uses $10 to order a mojito cocktail at Little Havana. Little Havana pays Raphael $425 per week to wait tables. Raphael uses $350 to purchase a necklace from Classy's Jewelry Store. In the following table, identify whether each event in this scenario occurs in the markets for inputs or the markets for outputs. Event Markets for Inputs Markets for Outputs Raphael spends $350 to purchase a necklace from Classy's Jewelry Store. 0 O Raphael earns $425 per week working for Little Havana. O 0 Susan earns $500 per week working for Classy's Jewelry Store. 0 O Which of the elements of the previous scenario represent a ow from a firm to a household? This could be a ow of dollars, inputs, or outputs. Check all that apply. 3 The $425 per week Raphael earns working for Little Havana j The $350 Raphael spends to purchase a necklace from Classy's Jewelry Store j The mojito Susan receives Grade It Now Save & Continue Continue without saving