Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 2, Problem 11DQ
To determine
The product market and the resource market in the circular flow model.
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Students have asked these similar questions
fill in missing word
The _______ economy is a way of organizing activity based on returning all resources involved in the production of goods and services back into productive used with the goal of eliminating waste and reducing material inputs.
Can you identify and explain your family’s interaction in the market for factors of production and your family’s interaction in the market for goods and services.
Determine where each example goes in the circular flow diagram. More than one example may go into a bin.
Firms
Markets for
goods and services
Markets for
factors of production
Households
Answer Bank
rent paid by Sapling for its
office building
income that Bill obtains
from his consulting job
money paid for lunch at a
school cafeteria
labor that Larry provides
Intel as an engineer
the $100 a mobile provider
receives from one of its
customers each month
the long hours that Mot, a
hairstylist, works at a
futuristic hair salon
a bike bought from a
local Walmart
a laptop sold by Amazon in
a lightning deal
Chapter 2 Solutions
Macroeconomics
Ch. 2.2 - Prob. 1QQCh. 2.2 - Prob. 2QQCh. 2.2 - Prob. 3QQCh. 2.2 - Prob. 4QQCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQ
Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 1PCh. 2 - Prob. 2PCh. 2 - Prob. 3PCh. 2 - Prob. 4P
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- How do markets operate to bring product into existence? How does that relationship affect supply and demand for the various markets involved? In what ways has the change in supply and demand affected the market? What enabled the many participants in the production of this product to cooperate, and how has this affected the production of the product?arrow_forwardSome large hardware stores such as Home Depot boast of carrying as many as 20,000 different products in each store. What motivated the producers of those individual products to make them and offer them for sale? How did the producers decide on the best combinations of resources to use? Who made those resources available, and why? Who decides whether these particular hardware products should continue to be produced and offered for sale?arrow_forwardWhat's in the flow? Use the infomation from your PowerPoint (week-1) to answer the following questions. For each of the scenarios, you should identify: a the market: resource OR product b the factor ofproduction: land, labor, capital, OR entrepreneurship s. the product: good OR service 1. Rouhaan hashis own business selling shawama at a standin a Mall. For his shawama stand, he grows tomatoes in a small garden plot. a. Rouhaan rents his garden plot in the RESOURCE market. b. The garden plot is a Land resource. c. A shawama Rouhaan sells at his standis a 2. AZW Productions Inc. just announced a bighit show will play at the Grand Theaterin July. Raja works atthe shawama standinside the theater and says he can help you buy tickets to the show a.AZW Productions Inc. will sell tickets to you in the market. b. Raja is an example of a _resource. UE SmAZW Productions Inc. is selling you aarrow_forward
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