Suppose Rosa earns $850 per week working as a driving instructor for Passing Left. She uses $8 to take a spin class at Silver’s Gym. Silver’s Gym pays Nick $475 per week to work as a trainer. Nick uses $125 to purchase driving lessons from Passing Left. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Rosa spends $8 to take a spin class. Rosa earns $850 per week working for Passing Left. Nick earns $475 per week working for Silver’s Gym. Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. The spin class Rosa receives Rosa's labor The $125 Nick spends to purchase driving lessons from Passing Left The $475 per week Nick earns working for Silver’s Gym
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Step 1: Rosa spending $8 to take a spin class at Silver’s Gym occurs in the product market. Show more…
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