Instructions

This assignment will give you an opportunity to apply the concepts taught in this unit. You will complete this assignment in two parts.

• Part 1 requires a short written response.

Part 1

Tyson and Ella work at the Ruby Red Movie Theater in town. After work, they decide to watch a movie. After purchasing their tickets, they stop by the concession stand and purchase popcorn, drinks, and candy. Use the circular flow diagram to describe the purchases that Tyson and Ella made and the services and goods that were provided to them.

Your response must be at least 75 words in length.

FACTOR Money income MARKET Costs interes . Households sell Labour, land, of production . Firms buy st, profits) preneuri wages, rents, capital, entre- Factors of rial ability BUSINESSES HOUSEHOLDS . Buy factors of . Sell factors of production production . Sell products . Buy products Goods and services PRODUCT xpenditures d services MARKET Goods and S Revenue . Firms sell . Households buy ConsumptionFACTOR Money income MARKET Costs interes . Households sell Labour, land, of production . Firms buy st, profits) preneuri wages, rents, capital, entre- Factors of rial ability BUSINESSES HOUSEHOLDS . Buy factors of . Sell factors of production production . Sell products . Buy products Goods and services PRODUCT xpenditures d services MARKET Goods and S Revenue . Firms sell . Households buy Consumption