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ANSWERS |
QUESTIONS |
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Based on this model, households earn income when <b>firms</b> purchase <b>resources</b> in resource markets. |
Based on this model, households earn income when ____ purchase ____ in resource markets. |
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<b>A)</b> Product Market |
Suppose Frances earns $550 per week working as a programmer for PC Pros. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Dmitri $350 per week to wait tables. Dmitri uses $175 to purchase software from PC Pros. Identify whether each of the following events in this scenario occurs in the resource market or the product market. A) Dmitri spends $175 to purchase software from PC Pros B) Frances earns $550 per week working for PC Pros C) Frances spends $9 to order a mojito cocktail |
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<b>A)</b> The mojito Frances receives |
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. A) The mojito Frances receives B) Frances’s labor C) The $350 per week Dmitri earns working for Little Havana D) The $175 Dmitri spends to purchase software from PC Pros |
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