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