How much are households paid for providing entrepreneurial

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Reference no: EM13238337

Lets put a dollar amounts on the flows in the circular flow diagram.

a) suppose that businesses buy total of $ 130 billion of the four resources ( labor,land,capital, and entrepreneurial ability) from households. If households receive $ 72 billion in wages, $ 16 billion in rent, and $ 26 billion in interest, how much are households paid for providing entrepreneurial ability?

b) if household spend $ 70 billion on goods and $ 60 billion on services, how much in revenues do businesses receive in the product market?

Reference no: EM13238337

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