Discuss the factors in the circular flow model and why the government is not part of it? Also, Explain whether you think the government should be included or not.
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Discuss the factors in the circular flow model and why the government is not part of it? Also, Explain whether you think the government should be included or not.
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- Why the government should not be included in circular flow model and whether you think the government should be included or not?Draw the circular flow model and in your own words, discuss the operation of capitalism.Now that we've talked a little about what economics is, let's consider the concept of value. When we look at the circular flow diagram, what role does value play? How does it flow through the system?
- Explain how , in the basic Circular Flow diagram, households and firms can be thought of as both consuming and producing?Discuss the circular flow diagram based on your own understanding and give an example where you participated in each market as member of a household.In the circular flow model, how does government affect the economy? What about the rest of the world?
- Which of the following factors in a circular flow model is always represented by arrows on the outside of the model? resources money goods servicesEconomy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. Kaleem pays a shopkeeper Rs.150 for a liter of milk. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. Sana spends Rs.500 on a haircut. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd.Why we study microeconomics ? Discuss the origins of macroeconomics . Also explain the reasons why classical theories of economic system failed at some points ?