Gross domestic income (GDI) is defined as: the total income generated in an economy by the production of final goods and services during a particular period. In a Process flow chart symbols represent different items in a process or operation. Why? B c. C d. D ANS: C 68. Why? The flow of income and spending in the economy runs in the opposite direction to the flow of goods and services. … d. the markets for goods and the markets for services. In other words, is the place where firms sell the goods and services they have produced, receiving a revenue paid by households. Every adult individual understands its basic structure from personal experience. Nature: Tangible: Intangible: Transfer of ownership: Yes: No: Evaluation: Very simple and easy: Complicated: Return: Goods … An old shopping center acquired by a firm. The products market(top circle) is the market for finished goods and services. Twenty-eight percent of all plastics and rubber transported in America flow … 12th grade . As in all free markets, prices are determined by the interaction of supply and demand. To play this quiz, please … Arrows A and B represent … Homework. In one direction, we see goods and services flowing from individuals to businesses and back again. Refer to Figure 2-1. Private investment plays a crucial role in the macroeconomy because it is: an expenditure that adds to the economy's productive capacity. If Box C in this diagram represents the markets for goods and services, boxes A and B of this circular-flow diagram represent a. firms and households. A b. A b. money flows (an arrow showing the flow of money) 65. a. The second arrow on the top represents – the flow of goods and services to the household. taxes . answer choices . Which arrow represents the flow of goods and services? 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. Which Arrow Represents The Flow Of Goods And Services? b Which arrow shows the flow of goods and services? Which arrow represents 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. The cost of producing goods and services includes: the cost of factors of production, depreciation, and other production-related taxes. Receive Instant Help Click Here to Ask Your … To which of the arrows does this transaction directly contribute? A b. The economy can be thought of as two cycles moving in opposite directions. What arrow represents the flow of spending by households? ____15.The two loops in the circular-flow diagram represent . c. national defense and consumer goods. The arrow marked "A" represents the flow of: Preview this quiz on Quizizz. For example, Ford Motor Company produces cars and trucks. Which arrow shows the flow of land, … According to the circular-flow diagram, if Christian is a worker who delivers flowers for Happy Day Flower Company, he participates A)in the markets for factors of production exchanging labor for income. The inner loop of the circular-flow diagram represents the flows of goods and services between households and firms. Box C must represent the markets for goods and services. Refer to Figure 1. Aand only and D 18. Refer to Figure 1. 100. The arrow marked "C" represents the flow of: (Exhibit: Circular Flow Model) The exhibit shows a simplified circular flow model where only consumption goods are being produced. 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. Firms produce and sell goods and services to households in the market for goods and services (or product market). Irregular fluctuations in economic activity . In the supply chain the goods and services generally flow downstream (forward) from the source or point of origin to consumer or point of consumption. The arrow marked "B" represents the flow of: (Exhibit: Circular Flow Model) The exhibit shows a simplified circular flow model where only consumption goods are being produced. 1.18 only JAB only Cand D Table 2 Production Possibilities for Libraryland Magic 200350 100490 000 19. 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. Live Game Live. 0 votes. Draw a box outside the original circular flow to represent the foreign country. Services are amenities, facilities, benefits or help provided by other people. Played 1 times. Goods and services produced for export represent roughly 14% of GDP, and the goods and services the United States imports add significantly to our standard of living. Which arrow represents the flow of goods and services? In this transaction, money flows from households to firms, and this is represented by the direction of the arrows on the lines labeled “$$$$” that are connected to the “Goods and Services Markets” box. 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. Goods that are produced in a particular period but not sold in the current period: are called inventories and are included in gross private investment. Sonia completes her first week of employment working as a hairdresser at a salon. The firms then use these factors to produce goods and services, which in turn are sold to households in the markets for goods and services… c. households receive income from their participation in the product market. The circular flow model of the economy distills the idea outlined above and shows the flow of money and goods and services in a capitalist economy. Refer to Figure 2-1. 2 months ago. There are a variety of supply-chain models, … Fossil fuels are by far the most-shipped commodity within the United States. 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). The goods and services are produced by the firms to be consumed by the households. Figure 2-1 .jpg”> 100. 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. This article is part of an online publication providing recent statistics on international trade in goods, covering information on the EU's main … Best answer. goods and services flow . Goods and services flow through the economy in one direction while money flows in the opposite direction. D) the flow of income received by households and the flow of tax revenues paid by firms Answer: B Diff: 2 Page Ref: … B (Top inside/middle arrows) Refer to figure 2-1. refers to the inclusion of both intermediate goods and final goods in GDP. d. the flow of expenditures on final goods and services … Refer to Table 2. B)in the markets for factors of production exchanging flowers for revenue. Played 1 times. If the flow of fruits and vegetables from the grocery store to Carla is represented by an arrow from Box C to Box B of this circular-flow diagram, then the money paid by Roberto to the lawn-care company is represented by an arrow Flow maps usually represent the movement of goods, weather phenomena, people and other living things with line symbols of different widths. A b. not included in GDP because they do not represent income derived from current production. Which arrow represents the flow of spending by households? 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; -market for factors of production (such as labour or capital), where firms purchase factors of production from households in exchange for money. 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