in the circular-flow diagram which of the following is NOT a factor of production? 1. which markets are represented in the simple circular-flow diagram? Which of the following does not appear on the inner loop? The circular-flow diagram is an example of: Definition. markets for goods and services and markets … The inner loop of the circular-flow diagram represents the flows of inputs and outputs. a. Definition. A) wages B) income C) capital D) rent: Definition. money . 69. in economics, capital refers to. Which markets are represented in the simple circular-flow diagram? The model represents all of the actors in an economy as either households or firms (companies), and it divides markets into two categories: Using the following outline, draw a circular-flow diagram representing the interactions between households and firms in a simple economy, assuming that the market for goods and services is in the top box and firms are in the box to the left. Explain briefly the various parts of the diagram. According to the circular flow diagram, if Denny is the owner of a landscaping business and he just received $50 for mowing Mrs. Pendleton’s lawn, a. the $50 represents a cost of production for Denny’s firm. markets for goods and services and markets for factors of production: Term. Which of the following does not appear in the outer loop? an economic model. Land. b. One of the main basic models taught in economics is the circular-flow model, which describes the flow of money and products throughout the economy in a very simplified way. Definition: A Circular flow model of the economy is a graphical representation of the movement of money between three sectors – businesses, households, and the government – and three markets – production factors, products, and the financial market. A)markets for goods and services and markets for financial assets B)markets for factors of production and markets for financial assets C)markets for goods and services and markets for factors of production D)markets for goods and services and markets for imports and exports b. labor flows from households to firms. 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 Reducing emissions reduces days missed from school due to asthma. Definition. b. the $50 represents wages, rent, and profit to Denny’s firm. which markets are represented in the simple circular-flow diagram? d. Goods and services sold. Term. 89. Which markets are represented in simple circular-flow diagram? Which markets are represented in the simple circular flow diagram? Roberto regularly pays a lawn-care company to mow his lawn. Carla regularly buys fruits and vegetables at a grocery store. Which markets are represented in the simple circular-flow diagram? markets for goods and services and markets for factors of production . 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; In the circular-flow diagram, a. profit flows from households to firms. 88. 1. The outer loop of the circular flow diagram represent the flows of dollars in the economy. Wages. c. Capital. Which of the following statements is an example of a positive, not normative, statement? buildings and machines used in the production process.