3.1 With aid of the circular flow of income and spending in the
economy diagram,
describe how various participants in the economy and the government
interact with
each other. Describe how this ensures the effective and efficient
operating of the
country.
3.2 Government participation in the economy is essential to improve
the standard of
living of the people. Critically provide a detailed analysis of the
policies that the
government could use to increase the living standards of the
people.
Describe the circular flow of the economy by discussing the two
markets where households and firms meet.
Explain what gets exchanged between these markets and how the
two markets interact.
Short answer. Paragraph form:
Describe the government's flows in the circular flow model of
the economy. Draw a circular flow diagram and connect all the flows
explaining each.
2. The circular-flow model
The following diagram presents a circular-flow model of a simple
economy. The outer set of arrows (shown in green) shows the flow of
dollars, and the inner set of arrows (shown in red) shows the
corresponding flow of inputs and outputs.
Based on this model, households earn income when
purchase in factor markets.
Suppose Frances earns $700 per week working as a corporate
attorney for Rowan and Martin Associates. She uses $9 to order a...
How do ethical practices differ in the United States,
and in European countries such as France and Germany? What
implications does your answer have for U.S. multinationals
operating in Europe?
DESCRIBE AND DISCUSS in details of commercial aspects, economic
aspects and the
amendment of the need for revision of THE HAGUE RULES in the
implementation of bill of
lading in all modes of transportation especially in maritime
sector. ( 30 Mark)
circular flow of income and how it is affected in 2020 and is the
US economy will/will not grow more rapidly in the next three years
than the last three years, discuss.