APEX 2 - Apex 2.1.3 practice worksheet PDF

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Apex 2.1.3 practice worksheet...

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Read this article about the history of Starbucks Corporation from HistoryLink.org: " Starbucks: The Early Years" by Sheila Farr. As you read, find at least one example of every major group in a typical circular flow diagram, including:

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A business - S  tarbucks A resource market - E  mployment agencies helped supply labor as Starbucks grew. A household - H  ouseholds purchase food and drinks from Starbucks as well as provide labor. A product market - S  tarbucks sells food and drinks to customers.

Also find examples of a resource, good, service, or dollar amount that flowed between each of the four groups you identified. More specifically, these examples should include:

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A resource from a resource market that a business used - Rent and a loan from the bank. A productive resource (labor) that a household supplied to a resource market - J  ean Mach was hired as a wholesale sales director. An expenditure a household made by buying a product - D  aniel Chasan spent $5.36 on a pound of Sumatra beans as the first customer. A product a household bought from the product market - S  umatra beans Revenue a business made from the product market - I n 1984 Starbucks’ sales were $6.5 million. A good or service a business provided to the product market - S  tarbucks provided coffee beans.

Once you have identified at least one example for each item in the list above, fill out the blank circular flow diagram below. Keep in mind that the reading may provide multiple examples for each item. You only need to mention one or two examples, but make sure they are clear so your instructor can easily find them in the article. Also keep in mind that since the "income" and "wages, interest, net profit"

categories are not explicitly mentioned in the reading, these details have been filled in for you. (4 points)

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Section 2: Analyzing a Circular Flow Diagram 1. If you were a Starbucks customer, where would you fit in this circular flow diagram? Where would you fit if you were a Starbucks employee? Explain which steps on the diagram you would affect in these roles and why. (2 points)

As a Starbucks customer, I would flow with the household and I would affect expenditures. I would have to spend money at Starbucks in order for them to make money. This would affect the revenue of the product market. As a Starbucks employee, I would affect the resource market. I would provide the business with labor in exchange for wages. The quality of my work would also affect the labor market. If my work is subpar, the product will be worse, which would affect the amount of customers that buy the product.  2. Categorize the resource markets you listed in your circular flow diagram. Are they banks, suppliers of raw resources, labor agencies, land, or something else? (2 points) Banks, labor agencies, and raw material suppliers make up the resource market for Starbucks. Banks allowed Starbucks to purchase land to sell their goods from. Labor agencies connect the business with employees. The unspecified provider of beans and materials for Starbucks would also fit in this category.  3. What were some examples of groups or resources that were hard to classify in your circular flow diagram? For example, did any groups function as both a business and a resource market? Give two examples and explain why they defied classification. (2 points) Employees fit in the product and resource market because they provide the service of making coffee in the product market, and are hired by Starbucks in the resource market. The goods and services that Starbucks provides to the product market is also very similar to the product that the customers buy. Starbucks sends coffee, beans, food, and services the product market, and the final product is the same....