Circular flow diagram one with few government restrictions on how a good or service can be produced or sold, or on how a factor of production can be employed. Free market the rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it. ...
Circular Flow Diagram An illustration showing the flow of resources from households to firms and of products from firms to households. These flows are accompanied by reverse flows of money from firms to households and from households to firms. Households Economic entities (of one or more persons ...
(government regulation, planning, and/or control)and market structuresTWO BASIC MODELSof an economy are introduced in UNIT I:Simple Circular-Flow Diagram & Production Possibility Frontier/Curve [PPF/PPC]Simple Circular-Flow DiagramThe simplecircular-flowillustrates how the basic agents (1producers /2...
總體經濟學與個體經濟學的差異 總體經濟學(Macroeconomics)研究對象是整體的，是以單一國家或經濟體，甚至於全世界的經濟現象作為研究的對象。個體經濟學(Microeconomics)研究對象是個體的，是以參與市場的個人、家庭、廠商的經濟行為，以及這些行為與個別市場間的交互喵的關係，作為研究的對象。總量與平均價格 •總體經濟...
As the circular flow diagram in the text illustrates, these are alternative, equivalent ways of measuring the flow of dollars in the economy. 2. The four components of GDP are consumption, investment, government purchases, and net exports. The consumption category of GDP consists of household ...
s output of goods and services. GDP can measure two things at once because both are really the same thing: for an economy as a whole, income must equal expenditure. As the circular flow diagram in the text illustrates, these are alter- native, equivalent ways of measuring the ...
The circular flow diagram shows the income received and payments made by each sector of the economy. The Components of the Macroeconomy Everyone’s expenditure is someone else’s receipt. Every transaction must have two sides. The Components of ...
10、ed as a decision maker in a circularflow diagram.d。all of the above are correct._9。in the markets for goods and services in the circularflow diagram,a。households and firms are both buyers。b.households and firms are both sellers。c.households are buyers and firms are sellers。d.ho...
曼昆答案ed英文版for9th宏观经济学第九版 Chapter1—TheScienceofMacroeconomics1 AnswerstoTextbookQuestionsandProblems CHAPTER1TheScienceofMacroeconomics QuestionsforReview 1.Microeconomicsisthestudyofhowindividualfirmsandhouseholdsmakedecisions,andhowthey interactwithoneanother.Microeconomicmodelsoffirmsandhouseholdsarebased...
AP MACROECONOMICS FINAL EXAM REVIEW1.Basics about what the study of economics is all about2.Microeconomics vs. Macroeconomics3.The PPF –the economic concepts it represents, what the various points on it represent, how to represent economic growth on it4.The basics of the circular flow diagram5...