(Answered) Lets put dollar amounts on the flows in the circular flow

Management Studies

Let's put dollar amounts on the flows in the circular flow diagram below.

Instructions: Enter your answers as whole numbers.

a. Suppose that businesses buy a total of $190 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $96 billion in wages, $28 billion in rent, and $38 billion in interest, how much are households paid for providing entrepreneurial ability?

b. If households spend $100 billion on goods and $90 billion on services, how much in revenues do businesses receive in the product market?

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