Select the appropriate labels to complete the circular-flow diagram according to the information given on the diagram. Based on this simplified model, all these flows involved in it are depicted in the following figure. Why? a. factors of production. answer choices . b. consumer goods and services. This preview shows page 19 - 22 out of 98 pages. factors of production . 71. Product Market. Chapter 2/Thinking Like an Economisty 45 67. 1 and 2. Answer. If Box A represents firms, then which box. taxes. B c. C d. D ANS: B PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 66. Households. Describes the flow of resources, goods and services and income between parts of the economy. money flow . Businesses have incentives to earn profits and, therefore, to produce the goods and services that consumers want. Which A. Refer To Figure 2-1. factors of production . University of the Fraser Valley • E.Q. Which Arrow Represents The Flow Of Spending By Households? In the circular flow of goods and services what does the product market represent? a. A. Course Hero is not sponsored or endorsed by any college or university. A. Resources are in the form of labor, natural resources, capital, and entrepreneurship, all of which are supplied by households. Send feedback; DMCA. Circular flow is generally shown in a circular flow chart or model. Flow (2) might represent: (choose one) a) the services of NASA astrophysicists. Refer to Figure 2-1. A. c. the markets for goods and services and the financial markets. SURVEY . b. households and government. Which arrow represents the flow of goods and services? The Circular Flow of Income: The circular flow is a visual model portraying how dollars move through markets among firms and households. Tap card to see definition 👆. This article provides a basic overview these maps, a description of how they work, describes the three different types of flow maps and explains the characteristics of a good flow map. As households and firms pay the government net taxes, money and resources flow outside the model. Refer to Figure 2-1. Why? In short, the two arrows on the top represent the goods and services market – the arrow above represents the flow of payments for the goods and services, the arrow below represents the flow of goods and services. Answer. answer choices . The following diagram depicts the circular-flow model of a simple economy. Report an issue . 2. Why? c. personal consumption expenditures. Which arrow represents the flow of income payments? A b. The clockwise arrows represent the flow of goods and services. B (Top inside/middle arrows) Welcome to Sciemce, where you can ask questions and receive answers from other members of the community. Which arrow represents the flow of spending by households? if households are buyers in the markets represented by Box C this circular flow diagram, then a. On the other hand, finished products flow from firms to households in goods and services markets, and this is represented by the direction of the arrows on the “Finished product” lines. … Refer to Figure 2-1. Refer to Figure 2 1 Which arrow shows the flow of goods and services a arrow A from ECON 111 at University of Saskatchewan Refer to the diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. The arrow marked "B" represents the flow of: Click card to see definition 👆. To produce goods and services, businesses need to purchase resources from households. e Which arrow shows the flow of income payments? Chapter 2/Thinking Like an Economisty 45 67. goods and services flow. A b. In a closed economy, such as the example to the left, all the spending of households and firms must equal the income received by the factors and goods-and-services markets. Factors of production flow from households to firms in the markets for factors of production, therefore arrow C must represent this flow. A B. 1 2 3. Box D must represent the markets for goods and services. Answer to 10 Refer to Figure 2-1. The circular flow model Aa Aa This diagram depicts the circular flow model. What does point C represent on the Circular Flow diagram? d Which arrow shows the flow of the factors of production? This is money flow from households to firm sector. . businesses purchase what they use to produce goods and services. Why? 3 and 4. Refer to the above diagram. Tags: Question 9 . Honor Code. c. the markets for goods and services and the financial markets. A. Which arrow represents the flow of spending by households? The arrows represent the origin and destination of goods shipped between states. factors of production. Michelle completes her first week of employment working as a hairdresser at a salon. Refer to Figure 2-1. 29% average accuracy. . a. arrow A b. arrow B c. arrow C d. arrow D ANS: B PTS: 1 DIF: Average REF: 25 BLM: Higher Order NOT: Micro TB_2-53 54. B c. C d. D ANS: B PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 66. Refer to Figure 2-1. Homework answers / question archive / The Circular Flow Model of the Economy: a What are the four general categories of economic resources? To which of the arrows does this activity contribute directly? Which arrow represents the flow … The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. The following diagram presents a circular flow model of a simple economy. the flow of income earned from the sale of resources and the flow of expenditures on goods and services. When we combine both diagrams, we get the circular-flow diagram, as shown below. Firms produce G&S, which are purchased by households. 60 seconds . However, the factors of production, such as labor, land, and capital flow from the households to the firms to be converted into goods and the services that will be consumed by the households. Chapter 2/Thinking Like an … A. Introducing Textbook Solutions. alternatives . The figure represents a circular-flow diagram. A B. Refer to the diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. the markets for goods and services and the markets for factors of production. a. personal consumption expenditures. The arrows in a food chain show the flow of energy. Sonia completes her first week of employment working as a hairdresser at a salon. Why? The figure represents a circular-flow diagram. businesses purchase what they use to produce goods and services. The figure represents a circular-flow diagram. taxes . Save. Refer to Figure 2-1. Which arrow represents the flow of spending by households? The delivery of finished products for sale in exchange for revenue is represented in which arrows? 7 and 8. Which Arrow Shows The Flow Of Land, Labor, And Capital? 65. Flow (2) might represent: Question 34 options: the services of NASA astrophysicists. Refer to Figure 2-1. A B. SURVEY . Which arrow represents the flow of land, labor, and capital? 2 Marks. c. firms are sellers in the markets represented by … Course Hero is not sponsored or endorsed by any college or university. b. 30 seconds . A b. Michelle completes her first week of employment working as a hairdresser at a salon. Play this game to review Economics. Which arrow represents the flow of goods and services? B c. C d. D ANS: B PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 66. This preview shows page 5 - 8 out of 22 pages. All individuals in the economy that provide firms with productive resources in … Q. Circular flow model quiz 2 DRAFT. Which arrow represents the flow of goods. Flow (1) might represent: A) corporate income tax payments. Factors of production flow form households (red arrow) to firms, so they can produce more goods and services. As households and firms pay the government net taxes, money and resources flow outside the model. . Refer to Figure 2-1. taxes . b. consumer goods and services. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! What does point A represent on the Circular flow diagram? 1. 1 times. 15. taxes. Refer to Figure 2-2. H ow to read it: The arrows represent the origin and destination of goods shipped between states. arrows represent the flow of goods and services. answer choices . Refer to Figure 2-1. A. Answer to: The circular flow model. The following diagram presents a circular flow model of a simple economy. The arrow marked “C” represents the flow of. Top Answer. 15. 1 and 2. The circular flow model Aa Aa This diagram depicts the circular flow model. Which arrow represents the flow of spending by households? Which arrow represents the flow of goods and services? Which arrow represents the flow of goods and services? and services? If households are buyers in the markets represented by Box C. answer choices . A. In the above diagram, which arrow represents the flow of goods and services? D) the flow of income received by households and the flow of tax revenues paid by firms Answer: B Diff: 2 Page Ref: 52-53/52-53 Refer to Figure 2-1. To which of the arrows does this transaction directly con-, Boxes A and B of this circular-flow diagram represent. As illustrated by the arrow labeled VI, with what do governments provide households? The exchange of money for goods/services to consumers is represented in which part of the circular flow diagram? A b. the flow of money. B c. C d. D. principles-of-economics; 0 Answer. Which arrow represents the flow of goods and services? goods and services flow. buys a new pair of shoes at a shoe store. answer explanation . Gross domestic product (GDP) measures which of the following from the circular-flow diagram? B c. C d. D ANS: B PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 66. The circular-flow diagram (or circular-flow model) is a graphical representation of the flows of goods and money between two distinct parts of the economy: -market for goods and services, where households purchase goods and services from firms in exchange for money; And, therefore arrow C must represent the household and business sectors do not their. Real flow are the four general categories of economic resources the two arrows at the bottom the! 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