Firms earn revenue when purchase in product markets. Suppose Eileen earns $550 per week working as an analyst for A-Plus Accountants. She uses $9 to get her car washed at Spotless Car Wash. Spotless C
Question:
Firms earn revenue when purchase in product markets. Suppose Eileen earns $550 per week working as an analyst for A-Plus Accountants. She uses $9 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Clancy $300 per week to wash cars. Clancy uses $100 to purchase tax services from A-Plus Accountants.
Identify whether each of the following events in this scenario occurs in the resource market or the product market.
- Clancy spends $100 to purchase tax services from A-Plus Accountants.
- Eileen spends $9 to get her car washed.
- Clancy earns $300 per week working for Spotless Car Wash.
Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply.
- Eileen’s labor
- The $300 per week Clancy earns working for Spotless Car Wash
- The $100 Clancy spends to purchase tax services from A-Plus Accountants
- The car wash Eileen receives
Answers (1)
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Dena April 9, 2023 в 13:26Clancy spends $100 to purchase tax services from A-Plus Accountants - This event occurs in the resource market because Clancy is purchasing a service from A-Plus Accountants, which is a firm. Eileen spends $9 to get her car washed - This event occurs in the product market because Eileen is purchasing a service (car washing) from Spotless Car Wash, which is a firm. Clancy earns $300 per week working for Spotless Car Wash - This event occurs in the resource market because Clancy is earning income as a resource (labor) provider for Spotless Car Wash, which is a firm. The $300 per week Clancy earns working for Spotless Car Wash - This represents a flow from a household (Clancy) to a firm (Spotless Car Wash) in the form of labor input. The $100 Clancy spends to purchase tax services from A-Plus Accountants - This represents a flow from a household (Clancy) to a firm (A-Plus Accountants) in the form of dollar input. The car wash Eileen receives - This represents a flow from a firm (Spotless Car Wash) to a household (Eileen) in the form of output (service).
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