question archive Imagine that you just paid $50 for a new pair of jeans
Imagine that you just paid $50 for a new pair of jeans
Subject:EconomicsPrice:3.87 Bought7
Imagine that you just paid $50 for a new pair of jeans. Using the circular-flow diagram, answer the following questions about your purchase.
According to the circular-flow diagram, who made decisions about the jeans you bought?
What types of markets do you think were involved in the creation of and delivery of the jeans that resulted in you purchasing them?
Think about what happens to your $50 when you pay for the jeans. What parts of the circular-flow diagram correspond to the flow of goods and services for your jeans? What parts of the circular-flow diagram correspond to the flow of dollars after you buy the jeans?
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