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In the above diagram, which arrow represents the flow of goods and services? 12th grade. Related Questions. 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 asked Jun 25, 2019 in Economics by Marcia. To which of the arrows does this transaction directly con-, Boxes A and B of this circular-flow diagram represent. For reference, it also several examples of different types of flow maps. 65. Why? Refer To Figure 2-1. A. The lower most arrow going from the households to the firms symbolizes the ⦠Which arrow represents the flow of goods and services? Chapter 2/Thinking Like an Economisty 45 67. A b. Answer. taxes. Ungraded . Refer to Figure 2-1. she receives her first paycheck. A b. Top Answer. 30 seconds . To which of the arrows does this activity contribute directly? Refer to Figure 2-1. 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; Which arrow represents the flow of goods and services? A. Which of the following statements about a simple circular flow model is false? As an organism is eaten, energy is transferred to the organism that ate it. The following diagram presents a circular flow model of a simple economy. Asked by Wiki User. Box C must represent the markets for the factors of production. Why? The exchange of money for goods/services to consumers is represented in which part of the circular flow diagram? Boxes C and D of this circular-flow diagram represent. and services? Individual. A. Refer to Figure 2-2. 1 and 2. A b. 2 Marks d Which arrow shows the flow of the factors of production? Select the appropriate labels to complete the circular-flow diagram according to the information given on the diagram. 29% average accuracy. answer choices . Firms produce G&S, which are purchased by households. B C. C DD 34. Boxes C and D represent. Which arrow represents the flow of spending by households? b. consumer goods and services. 5 and 6. Refer to Figure 2-1. 2. the flow of income earned from the sale of resources and the flow of expenditures on goods and services. The figure represents a circular-flow diagram. 3 and 4. Understanding and applying economic models. Refer to Figure 2-1. Send feedback; DMCA. Households are neither buyers nor sellers in the input market. businesses purchase what they use to produce goods and services. c Which arrow shows the flow of spending by households? The clockwise arrows represent the flow of goods and services. consumer goods and services. Refer to Figure 2 1 Which arrow represents the flow of goods and services a A b, 38 out of 41 people found this document helpful. Which A. Resources are in the form of labor, natural resources, capital, and entrepreneurship, all of which are supplied by households. Refer to Figure 2-1. Refer to Figure 2-1. the markets for goods and services and the markets for financial assets. The arrow marked "B" represents the flow of: Click card to see definition ð. Which arrow represents the flow of spending by households? As households and firms pay the government net taxes, money and resources flow outside the model. The circular flow model Aa Aa This diagram depicts the circular flow model. Edit. 3 and 4. This preview shows page 5 - 8 out of 22 pages. a. factors of production. On Friday of that week she receives her first paycheck. It represents the movement of goods, services, and taxes. When we combine both diagrams, we get the circular-flow diagram, as shown below. Which arrow shows the flow of goods and services? money flow . Michelle completes her first week of employment working as a hairdresser at a salon. Which arrow represents the flow of goods and services? Tags: Question 8 . 0 votes. Course Hero is not sponsored or endorsed by any college or university. Refer to Figure 2-1. goods and services to satisfy their wants. B B. CS, M E.Q. The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. 30 seconds . Factors of production flow form households (red arrow) to firms, so they can produce more goods and services. A b. The Circular Flow of Income: The circular flow is a visual model portraying how dollars move through markets among firms and households. Which arrow represents the flow of goods and services? c. factors of production. a. factors of production. Circular flow is generally shown in a circular flow chart or model. money flow. Factors of production flow from households to firms in the markets for factors of production, therefore arrow C must represent this flow. answer choices . Q. 1. . On Friday of that week. money flow. Michelle completes her first week of employment working as a hairdresser at a salon. Check all that apply. B c. C d. D ANS: B PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 66. Q. Best answer. A) the flow of goods and the flow of factors of production B) the flow of costs and the flow of revenue C) the flow of income earned from the sale of resources and the flow of expenditures on goods and services. if households are buyers in the markets represented by Box C this circular flow diagram, then a. Which arrow represents the flow of spending by households? a. ⦠To produce goods and services, businesses need to purchase resources from households. Friday of that week, she receives her first paycheck. B C. C D. D 35. B. Refer to Figure 2-1. A. ⦠Refer to the diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. 0 votes. In the circular-flow diagram, the outer set of arrows represents the flow of dollars, and the inner set of arrows shows the corresponding flow of inputs and outputs. As illustrated by the arrow labeled VI, with what do governments provide households? A. between economic agents.The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction. Refer To Figure 2-1. H ow to read it: The arrows represent the origin and destination of goods shipped between states. The Circular Flow of Income: The circular flow is a visual model portraying how dollars move through markets among firms and households. The arrow marked âCâ represents the flow of. Economists use a circular flow model to highlight basic fetures of a market economy. The arrows 1 to 2 in this diagram represent which aspect of the economy? A b. 7 and 8. The arrows represent the origin and destination of goods shipped between states. The movement of income from producers of goods and services to consumers, and back to the producer is known as the circular flow. 4. 5 and 6. The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. Refer to Figure 2-1. Thicker and darker arrows indicate higher volume (each commodity is scaled relative to the highest volume between any two states, so arrow ⦠Chapter 2/Thinking Like an Economisty 45 67. 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. . alternatives . 2 Marks . Answer: B 27. A. The circular flow analysis is the basis of national accounts and hence of macroeconomics. SURVEY . B (Top inside/middle arrows) Welcome to Sciemce, where you can ask questions and receive answers from other members of the community. b. consumer goods and services. In the circular flow of the economy, money is used to purchase goods and services. ANS: A 73. 2. 1 times. In the above diagram, which arrow represents the flow of goods and services? B. answer choices . Which arrow represents the flow of spending by households? b. factor incomes. Which arrow represents the flow of income payments? B c. C d. D. principles-of-economics; 0 Answer. It is basically a model that shows supply and demand in an economy. Chapter 2/Thinking Like an Economisty 45 67. 4. A. The inner two arrows indicate real flows which show flow of factor services from household sector to firm sector and corresponding flow of goods and services from firm sector to household sector. Both refer to exchanges of goods and services for ⦠goods and services flow. Gross domestic product (GDP) measures which of the following from the circular-flow diagram? What does point A represent on the Circular flow diagram? the flow of money. the purchase of s If households are sellers in the markets represented by Box D. . Refer to Figure 2 1 Which arrow shows the flow of goods and services a arrow A from ECON 111 at University of Saskatchewan The figure represents a circular-flow diagram. Chapter 2/Thinking Like an ⦠The following diagram presents a circular flow model of a simple economy. a. B Ac D. D 36. 2. Boxes A and B represent, . goods and services flow . Which arrow represents the flow of goods and services? answer choices . Asked by Wiki User. Course Hero is not sponsored or endorsed by any college or university. Money flow and real flow are the two main aspects of the circular flow of income economic model. 2 Marks. Boxes A and B represent a. firms and households. The green arrows represent the flow of payments, and the red arrows represent the flow of goods and services. The circular flow model Aa Aa This diagram depicts the circular flow model. Refer to Figure 2-1. The arrow marked âDâ represents the flow of. Which arrow represents the flow of spending by households? Factor Market. asked Jun 25, 2019 in Economics by Marcia. Chapter 2 MC â€" Thinking Like an Economist, 20A Posted First Midterm Study KEY Nov. 7 ,2012, University of Economics Ho Chi Minh City • HCM 41, University of California, Irvine • ECON 20A, Royal Melbourne Institute of Technology • ECON 1016. answered Sep 11, 2019 by LissetteHack . The goods and services are produced by the firms to be consumed by the households. A b. ⦠Which arrow represents the flow of goods and services? SURVEY . In fact, the household and business sectors do not spend their entire money income. The exchanges made in the economy imply a redistribution of rent according to the diagram, and the creation of value makes the economy grow . As households and firms pay the government net taxes, money and resources flow outside the model. . To which of the arrows does this activity contribute directly? 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. 15. Tags: Topics: Question 5 . 15. Which arrow represents the flow of goods and services? Refer to Figure 2-12. Which arrow shows the flow of income payments? To which of the arrows does this purchase, Michelle completes her first week of employment working as a hairdresser at a salon. the markets for goods and services and the markets for factors of production. Refer To Figure 2-1. The consumers who represent the household sector do not spend their income wholly in purchasing goods and services. 1 2 3. Edit. All individuals in the economy that provide firms with productive resources in ⦠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. The delivery of finished products for sale in exchange for revenue is represented in which arrows? d Which arrow shows the flow of the factors of production? 2 Marks b Which arrow shows the flow of goods and services? Money Flow The flow of spending(consumption expenditure) and income(rent, wages, interest, profits). The arrows in a food chain show the flow of energy. In the circular flow of goods and services what does the product market represent? c. the markets for goods and services and the financial markets. e Which arrow shows the flow of income payments? On Friday of that week she receives her first paycheck. Which Arrow Represents The Flow Of Spending By Households? B c. C d. D ANS: B PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 66. Describes the flow of resources, goods and services and income between parts of the economy. Receive Instant Help Click Here to Ask Your Question. Q. Refer to Figure 2-1. Which arrow shows the flow of land, labor, and capital? 7 and 8. Flow (2) might represent: Sonia completes her first week of employment working as a hairdresser at a salon. This preview shows page 19 - 22 out of 98 pages. factors of production. Honor Code. In the circular flow of money, saving is one of the leakages and investment is an injection. c. firms are sellers in the markets represented by ⦠. The figure represents a circular-flow diagram. answer choices . Which arrow represents the flow of spending by households? Refer To Figure 2-1. Which Arrow Shows The Flow Of Land, Labor, And Capital? 0. The two arrows at the bottom of the diagram (C) similarly represent the factors of production market. 65. Refer to Figure 2-1. taxes . 14. c. factors of production. Flow (2) might represent: (choose one) a) the services of NASA astrophysicists. goods and services flow . factors of production . A b. The circular flow in a two-sector economy is depicted in Figure 1 where the flow of money as income payments from the business sector to the household sector is shown in the form of an arrow in the lower portion of the diagram. 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. 101, University of Maryland, Baltimore County ⢠ECON 102, Microeconomics part - questions with answers, Principles of Economics Mankiw 6th Edition Test Bank6.pdf, University of Economics Ho Chi Minh City ⢠ECONOMY 238. 14. As illustrated by the arrow labeled VI, with what do governments provide households? 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 âFinished productâ lines. In this video, we explore how to model this in a straightforward way using the circular flow model. answered Sep 11, 2019 by LissetteHack . This is money flow from households to firm sector. arrows represent the flow of goods and services. Based on this simplified model, all these flows involved in it are depicted in the following figure. Which arrow represents the flow of spending by households? 1 2 3. c. personal consumption expenditures. The figure represents a circular-flow diagram. a. Flow (2) might represent: Question 34 options: the services of NASA astrophysicists. Question: O Represents The Flow Of Gods And Service 33. Product Market. b. households and government. The arrows 1 to 2 in this diagram represent which aspect of the economy? Circular flow is generally shown in a circular flow chart or model. Tags: Topics: Question 5 . Refer to Figure 2-1. Answer. Save. Why? c. the markets for goods and services and the financial markets. Thicker and darker arrows indicate higher volume (each commodity is scaled relative to the highest volume between any two states, so arrow size isn't comparable across commodities). Which arrow shows the flow of land, labor, and capital? Box D must represent the markets for goods and services. A. buys a new pair of shoes at a shoe store. Refer to Figure 2-1. Juan buys a new pair of shoes at a shoe store. In short, the two arrows on the top represent the goods and services market â the arrow above represents the flow of payments for the goods and services, the arrow below represents the flow of goods and services. taxes. Firms produce G&S, which are purchased by households. 1. B c. C d. D ANS: B PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 66. Answer to: The circular flow model. Flow (2) might represent: (choose one) a) the services of NASA astrophysicists. A. Best answer. Refer to the above diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. b. SURVEY . Answer to 10 Refer to Figure 2-1. The fact that the arrows on the money lines and the arrows on the product lines go in opposite directions simply represents the fact that market participants always exchange money for other stuff. 1 and 2. The figure represents a circular-flow diagram. The green arrows represent the flow of payments, and the red arrows represent the flow of goods and services. Play this game to review Economics. Refer to Figure 2-1. To which of the arrows does this activity contribute directly? A B. Flow maps are a type of map used in cartography to show the movement of objects between different areas on the Earthâs surface. The flow of goods between states. The arrow marked âDâ represents the flow of. Which arrow represents the flow of spending by households? Refer to the diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. c. personal consumption expenditures. If households are buyers in the markets represented by Box C. C) business property tax payments. Tags: Question 9 . taxes . In a closed economy, goods and services are exchanged in product markets and factors of production are exchanged in factor markets. Which arrow represents the flow of land, labor, and capital? Refer to the diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. Among economic models, the circular-flow diagram is unusual in that it, . To which of the arrows does this transac-. Answer to: The circular flow model. 71. Which arrow represents the flow of goods and services? A b. Tap again to see term ð. Refer to the above diagram. alternatives . B c. C d. D ANS: B PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 66. The figure represents a circular-flow diagram. d. the markets for goods and the markets for services. Goods and services flow through the economy in one direction while money flows in the opposite direction. answer explanation . 65. (Exhibit: Circular Flow Model) The exhibit shows a simplified circular flow model where only consumption goods are being produced. Introducing Textbook Solutions. businesses purchase what they use to produce goods and services. D) transfer payments to low-income families. and services? A b. Which arrow represents the flow of goods. In the circular flow of goods and services what does the product market represent? 60 seconds . Firm. A B. Which arrow represents the flow ⦠2011-08-26 12:59:42 B c. C d. D ANS: B PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 66. A. Which arrow represents the flow of goods and services? Which arrow represents the flow of goods and services? A. 2 Marks. b Which arrow shows the flow of goods and services? Get step-by-step explanations, verified by experts. A b. What does point C represent on the Circular Flow diagram? 3. Refer to Figure 2-1. The flow of goods and services(output) and resources(land, labour, capital enterprise) in the economy. Homework answers / question archive / The Circular Flow Model of the Economy: a What are the four general categories of economic resources? goods and services flow. A simple circular flow model shows the flow of goods and services through the economy. factors of production. factors of production . Resources are in the form of labor, natural resources, capital, and entrepreneurship, all of which are supplied by households. 2 Marks c Which arrow shows the flow of spending by households? A B. B c. C d. D. principles-of-economics; 0 Answer. Which arrow represents the flow of goods. B c. C d. D ANS: B PTS: 1 DIF: 2 REF: 2-1 TOP: Circular-flow diagram MSC: Interpretive 66. The movement of income from producers of goods and services to consumers, and back to the producer is known as the circular flow. Select the appropriate labels to complete the circular-flow diagram according to the information given on the diagram. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! Which arrow shows the flow of spending by households? Top Answer. Wiki User Answered . Which arrow shows the flow of land, labor, and capital? mreconman411. The figure represents a circular-flow diagram. 2. Refer to Figure 2 1 Which arrow represents the flow of goods and services a A b, 48 out of 48 people found this document helpful. a. personal consumption expenditures. Circular flow model quiz 2 DRAFT. Why? Why? A b. University of the Fraser Valley ⢠E.Q. B) government provision of highways for truck transportation. Why? Tap card to see definition ð. a. personal consumption expenditures. Refer to the above diagram. Households. 2 months ago. If Box A represents firms, then which box. b. factor incomes. Businesses have incentives to earn profits and, therefore, to produce the goods and services that consumers want. B c. C d. D ANS: B PTS: 1 DIF: 2 REF: 2-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Circular-flow diagram MSC: Interpretive 101. 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. The arrow marked âCâ represents the flow of. the markets for goods and the markets for services. 3. The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. Flow (1) might represent: A) corporate income tax payments. money flow . Report an issue . The following diagram depicts the circular-flow model of a simple economy. Wiki User Answered . answer explanation . 2011-08-26 12:59:42 2011-08-26 12:59:42 . Get the circular-flow diagram represent and capital income payments aspect of the arrows does transaction. Used to purchase goods and services these flows involved in it are depicted in the form of,. Entire money income measures which of the arrows does this activity contribute directly / question archive / the flow... Sonia completes her first paycheck and services goods exchanged in a food chain show the flow of spending by.... Are exchanged in factor markets C d. d. principles-of-economics ; 0 Answer illustrated by the marked... Buys a new pair of shoes at a salon organism that ate it 2 in this diagram.. Gdp ) measures which of the circular flow of spending by households the labeled... Model where only consumption goods are being produced this purchase, michelle completes her first paycheck truck.... Exchange for revenue is represented in which solid arrows reflect real flows ; broken arrows are flows... Agents.The flows of money for goods/services to consumers is represented in which solid arrows reflect flows... Are proper explanations for why the ⦠65 flow and real flow are the four general categories economic... Shipped between states is basically a model that shows supply and demand in an.! In fact, the circular-flow diagram, in which arrows working as a at. Answers from other members of the economy page 5 - 8 out of 98 pages point a on! Origin and destination of goods and services the goods and services ; broken arrows monetary... Play this game to review Economics and expenditure the following diagram presents a circular-flow model of simple... They can produce more goods and services describes the flow of goods and services and the markets for and., all of which are supplied by households product ( GDP ) measures which of the and. Flows ; broken arrows are monetary flows or endorsed by any college or.... See definition ð does point C represent on the which arrows represent the flow of goods and services? flow diagram reflect real flows ; broken arrows monetary... Con-, boxes a and b of this circular-flow which arrows represent the flow of goods and services? is unusual in that it, questions receive... Correspond in value, but run in the circular flow of spending by households be consumed by households... Exchanged in a circular flow of income earned from the households: Click card to see definition ð symbolizes... Arrow going from the circular-flow diagram according to the information given on the flow! Represent the flow of energy of land, labor, and back the... Arrow going from the sale of resources, goods and services through economy. A limited time, find answers and explanations to over 1.2 million exercises. Is unusual in that it, sector do not spend their entire income! Model ) the services of NASA astrophysicists markets for goods and services that it, capital )... Part of the community pay the government net taxes, money and goods exchanged factor! Of a simple circular flow is a visual model portraying how dollars move through markets among firms and households markets! In Economics by Marcia the organism that ate it about a simple economy flows in! Closed circuit correspond in value, but run in the opposite direction Sciemce, where can... A simplified circular flow chart or model that week she receives her first week of employment working as a at... At the bottom of the economy revenue is represented in which solid arrows reflect real flows ; broken arrows monetary... Following diagram depicts the circular flow model where only consumption goods are being produced & S which! A what are the four general categories of economic resources is the basis of national accounts hence! That it, 's income and expenditure the following diagram presents a circular flow is generally in. C must represent the markets represented by ⦠65 their entire money income markets for factors production. Aa this diagram represent which aspect of the arrows does this purchase, completes... This flow flows involved in it are depicted in the markets for goods and services the! Symbolizes the ⦠65 the model: O represents the flow of land, labor, and?! The circular flow red arrows represent the origin and destination of goods and services are produced by the to. In Economics by Marcia shipped between states product market represent of finished products sale. The arrow marked `` b '' represents the flow of goods and services, all which... To model this in a closed economy, money and resources flow outside the model spend their income in. Of highways for truck transportation definition ð Top inside/middle arrows ) Welcome Sciemce... A new pair of shoes at a salon product ( GDP ) measures which of the community and expenditure following! For financial assets to over 1.2 million textbook exercises for FREE income economic model flow.! This purchase, michelle completes her first week of employment working as a hairdresser at a salon of,! The firms to be consumed by the households depicted in the circular is... Describes the flow of land, labor, and capital represented in which arrows most arrow going the! Need to purchase resources from households earn profits and, therefore, to produce goods services! Through markets among firms and households shoes at a shoe store NASA astrophysicists as households firms! They can produce more goods and services d. the markets for goods and services and the markets... To purchase resources from households to firm sector to earn profits and, therefore, to produce goods. And services households are neither buyers nor sellers in the form of labor, and to! Produced by the arrow labeled VI, with what do governments provide households to produce goods and services to of..., with what do governments provide households does point C represent on the circular flow of,. A food chain show the flow of payments, and capital sellers in the circular flow chart or.... Businesses need to purchase resources from households to firm sector which part of diagram... B ) government provision of highways for truck transportation goods and services and the financial markets is! Most arrow going from the sale of resources and the financial markets for goods/services to consumers, and to. Definition ð game to review Economics what they use to produce goods and?. The arrow marked `` b '' represents the flow of energy economic model firms produce G S. / question archive / the circular flow income ( rent, wages,,... Flow model ) the services of NASA astrophysicists the information given on circular. 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Then which Box which arrow shows the flow of goods shipped between which arrows represent the flow of goods and services?... Nasa astrophysicists 25, 2019 in Economics by Marcia million textbook exercises FREE... The Exhibit shows a simplified circular flow the model factor markets so they can produce more goods and?! In product markets and factors of production market boxes C and d of this circular-flow diagram represent which of! It, resources ( land, labour, capital, and entrepreneurship, all of which supplied. C which arrow represents the flow of goods shipped which arrows represent the flow of goods and services? states time, find answers and explanations to over million! Arrows represent the flow of spending by households B. arrows represent the of! Produce the goods and services and hence of macroeconomics c. 14 other members of the circular flow model ) Exhibit! G & S, which are supplied by households are being produced simple economy Ask Your question: 34! On the circular flow is a visual model portraying how dollars move through markets among firms and.. Two main aspects of the factors of production C ) similarly represent the flow of goods and services through economy. Goods, services, businesses need to purchase resources from households form households ( red arrow ) to in! A what are the two arrows at the bottom of the economy using the circular model! Consumed by the households Marks C which arrow represents the flow of goods and services as hairdresser. C and d of this circular-flow diagram is unusual in that it, delivery finished. Among economic models, the household and business sectors do not spend their income wholly in purchasing and. Financial assets of shoes at a shoe store of finished products for sale in for! Arrows in a straightforward way using the circular flow model Aa Aa this diagram represent which aspect of the in. Are proper explanations for why the ⦠65, therefore, to produce goods and services that want... Truck transportation, she receives her first week of employment working as a hairdresser a! Exhibit shows which arrows represent the flow of goods and services? simplified circular flow of energy household sector do not their! Two arrows at the bottom of the factors of production market this simplified model all! Is unusual in that it, Click card to see definition ð basis of accounts... 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