Sophie earns £900 per week working as a doctor for a private hospital. She uses £40 to get her car repaired at Sycamore Garage. Sycamore Garage pays Jack £400 per week to repair cars. Jack uses £400 to purchase medical services from a private hospital.
Which of the events in this scenario occur in product markets? Check all that apply.
aSophie earns €900 per week working for a private hospital
bJack earns €400 per working week for Sycamore Garage
cJack spends €400 to purchase medical services from a private hospital
dSophie spends €40 to get her car repaired
Which of the elements in this scenario represent a flow from a Households to a Firms? This could be a flow of money, inputs, or outputs. Check all that apply.
aThe €400 per week Jack earns working for Sycamore Garage
bThe car repair Sophie receives
cThe €400 Jack spends to purchase medical services
dSophie's labour