Answer to Question #146106 in Microeconomics for naval kumar

Question

a) 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. (Word count: 200 words max.)

b) Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities.
i. Kaleem pays a shopkeeper Rs.150 for a liter of milk.
ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour.
iii. Sana spends Rs.500 on a haircut.
iv. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd.

Answer 1

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