the economy, its population's production, and consumption. In addition, it also helps us to understand the scarcity of resources and their optimum utilization that can satisfy the needs of the population. The study of economics is categorized into branches, namely macroeconomics and microeconomics. ...
This model is ordinarily represented by a visual depiction known as a circular flow chart, shown in Figure 1, that shows all of these diverse interconnected relationships. Figure 1. Two Sector Model Example As illustrated above, in microeconomics , money circulates primarily between individuals (...
What is a circular flow diagram as used in the economy? Use the circular flow model to explain the flow of money and goods in an economy. Describe, how microeconomics and macroeconomics affect the flow of money within the Circular Flow Model? Describe the circular flow model of the free-mar...
In a mixed economy its not always this simple, something is missing. Product Markets goods & services… ….goods & services ….consumption spending…. In a mixed economy its not always this simple, something is missing. The Government ….salaries, wages, rent, dividends….. Factor Markets la...
Is taxation related to microeconomics or macroeconomics? How is behavioral economics affecting traditional models? Explain the term transactional analyses in the parent-child relationship. Provide an example. An elementary school teacher wants to use a cloud based collaboration application as an instructiona...
Describe the circular flow diagram as used in economics. Describe the Circular flow diagram in economics. Describe, how microeconomics and macroeconomics affect the flow of money within the Circular Flow Model? Describe the circular flow model of the free-market system. Construc...