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Imagine that you just paid $50 for a new pair of jeans. According to the circular...

Imagine that you just paid $50 for a new pair of jeans. According to the circular flow diagram, what decisions were made concerning the jeans you purchased, and who made decisions about the jeans you bought?

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Answer - In the above given situation , the flow of money or income will go from household to firm whereby the household is deciding to purchase the jeans. The product will go from firm to household. The household will make the buying decision and in return pay $ 50. Firm will make the selling decision and receive $ 50 in return. Hence the money and the good flow from one sector to other. The price was a factor while buying the jeans and decision was made by the purchaser means me.

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