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Explain all three Circular flow economic models in one structure. ?
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- Draw the circular flow model and in your own words, discuss the operation of capitalism.Describe the most valuable theory/concept/ model that you learned from macroeconomics class and explain whyExplain all three Circular flow economic models in one structure & what the complex model is adding to economy?
- Distinguish between the following concepts as they apply to Elements of Macroeconomics. Give examples to support your answers a. Economic Growth and Economic Development b. Stock Variable and Flow VariableExplain the term models or paradigms?4.Explain all three Circular flow economic models in one structure.
- Draw the circular flow diagram of 4 main components (Agents) of macroeconomics and clearly show the interaction among them.What steps are involved in developing and testing an economic theory or model? What are the criteria for a useful theory or model?How modern macroeconomics is different from traditional macroeconomics?
- A complete macroeconomic model would not like include the following market A- labor B- capital C- underground market D- national goods and servicesDiscuss the importance of studying macroeconomics from business perspectives.Determine whether each of the following statements is positive or normative. (Remember that apositive statement isn’t necessarily correct; it justmakes a factual claim rather than a moral judgment.People who pay their bills on time are lesslikely than others to get into debt.b. Hard work is a virtue.c. Everyone should pay his or her bills on time.d. China has a bigger population than any othercountry in the world.e. China’s One-Child Policy (which limitsfamilies to one child each) helped to spur thecountry’s rapid economic growth.f. Lower taxes are good for the country