Explain and summarize the following points: - The circular flow of the macro environment and detailing...

Explain and summarize the following points:

- The circular flow of the macro environment and detailing how each sector affects the other such as the government sector, the firm sector, financial markets, resource markets, household sector, domestic markets, and foreign sector.

- The approaches for measuring the GDP (expenditure approach and income approach). Compare, and contrast between the real GDP vs nominal GDP, the limitations of the GDP. The price level measures (GDP deflator, and CPI).

- What are the measures of unemployment.

Expert Solution

First five sub parts of the question including 1. Circular flow , 2. Expenditure approach, 3. Income approach, 4. Real vs Nominal GDP, 5. Limitations of GDP are answered.

Rahul Sunny answered 2 years ago

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