Suppose Lucia earns $600 per week working as a software engineer for Casement. She uses $8 to have a drink at Barry's Bar. Barry's Bar pays Kenji$350 per week to work as a bartender. Kenji uses $125 to purchase software from Casement.Identify whether each of the following events in this scenario occurs in the factor market or the product market.EventLucia earns $600 per week working for Casement.Factor MarketProduct MarketKenji spends $125 to purchase software from Casement.OОKenji earns $350 per week working for Barry's Bar.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 thatapply.The $350 per week Kenji earns working for Barry's BarThe $125 Kenji spends to purchase software from CasementLucia's laborThe cocktail Lucia receives

Factor market allows businesses to sell their resources to produce goods and services. Here the…

Suppose Lucia earns $600 per week working as a software engineer for Casement. She uses $8 to have a drink at Barry's Bar. Barry's Bar pays Kenji $350 per week to work as a bartender. Kenji uses $125 to purchase software from Casement. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Lucia earns $600 per week working for Casement. Kenji spends $125 to purchase software from Casement. Kenji earns $350 per week working for Barry's Bar. Factor Market Product Market 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. The $350 per week Kenji earns working for Barry's Bar The $125 Kenji spends to purchase software from Casement Lucia's labor The cocktail Lucia receives

Suppose Lucia earns $600 per week working as a software engineer for Casement. She uses $8 to have a drink at Barry's Bar. Barry's Bar pays Kenji $350 per week to work as a bartender. Kenji uses $125 to purchase software from Casement. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Lucia earns $600 per week working for Casement. Kenji spends $125 to purchase software from Casement. Kenji earns $350 per week working for Barry's Bar. Factor Market Product Market 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. The $350 per week Kenji earns working for Barry's Bar The $125 Kenji spends to purchase software from Casement Lucia's labor The cocktail Lucia receives

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 5P

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