MindTap - Cengage Leaming c e Ol - CENGAGE | MINDTAP Homework (Ch 11) 2. The circular flow model The following diagram presents a circular flow model of a simple econemy. The outer set of arrows (shown in red) shows the flow of dollars, and the inner set of arrows (shown in blue) shows the corresponding flow of inputs and outputs. (Note: The market for outputs, also known as the product m o > market, is any market where firms' products are bought and sold. The market for inputs, also known as the factor market, is any market where factors of production are bought and sold.) (U Product markets ( Businesses | Households Factor markets s MindTap - Cengage Leaming X + Homework (Ch 11) Factor markets m o > (U Based on this model, households earn income when W purchase w_in the factor markets, Suppose Rosa earns $625 per week working as a doctor for the Medical Clinic. She uses $8 to order a mojito cocktail at Little Havana. Little Havana pays Nick $250 per week to walt tables. Nick uses $175 to purchase medical services from the Medical Clinic. (U Based on this model, households earn income when W purchase w_in the factor markets, Suppose Rosa earns $625 per week working as a doctor for the Medical Clinic. She uses $8 to order a mojito cocktail at Little Havana. Little Havana pays Nick $250 per week to walt tables. Nick uses $175 to purchase medical services from the Medical Clinic. > CENGAGE | MINDTAP Q Search this course ? Homework (Ch 11) X Factor markets est, profits) Supply duction (land, labor, and capital) E W A-Z Q EI Based on this model, households earn income when purchase in the factor markets. bongo Suppose Rosa earns $625 per week working as a dot households edical Clinic. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Nick $250 per week to wait tables. Nick uses $ businesses s se medical services from the Medical Clinic. Identify whether each of the following events in this scenario occurs in the factor markets or the product markets. Event Factor Markets Product Markets Nick earns $250 per week working for Little Havana. O At Rosa earns $625 per week working for the Medical Clinic. O O Rosa spends $9 to order a mojito cocktail. O O O Which of the elements of this scenario represent a flow from a household to a business? This could be a flow of dollars, inputs, or outputs. Check all that apply. Rosa's labor O The mojito Rosa receives O The $175 Nick spends to purchase medical services from the Medical Clinic Grade It Now Save & Continue Continue without savingMindTap - Cengage Leaming X + Homework (Ch 11) Factor markets m o > (U Based on this model, households earn income when W purchase w_in the factor markets, Suppose Rosa earns $625 per week working as a doctor for the Medical Clinic. S ofito cocktail at Little Havana. Little Havana pays Nick $250 per week to wait tables. Nick uses $175 to purchase medical se Clinic. = Identify whether each of the following events in this scenario occurs in the factor markets or the product markets. Event Factor Markets Product Markets Nick earns $250 per week working for Little Havana O O Rosa earns $625 per week working for the Medical Clinic. Rosa spends $9 to order a mojito cocktail. Which of the elements of this scenario represent a flow from a household to a business? This could be a flow of dollars, inputs, or outputs. Check alf that apply. O Rosa's labor [ The mojito Rosa receives [ The $175 Nick spends to purchase medical services from the Medical Clinic Continue without saving