Circular flow diagram - Study guides, Class notes & Summaries

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a diagram that traces the flow of resources, products, income, and revenue among economic decision makers that focuses on the primary interaction in a market economy (between households and firms) - circular flow model a diagram which illustrates the different combinations of products a society has the potential (ability) to produce - Production Possibility Frontier a market in which a good or service is bought and sold - product market a market in which a resource is bought and sold (most...

ICT2621 2023 Assignment 3 solution Questions: Question 1 NB: When drawing data flow diagrams (DFDs), use the Gane and Sarson symbols/notation set. 1.1 Draw, name and describe the four symbols used in a data flow diagram (DFD). You may use a table to present your answer. (6) 1.2 Briefly describe the following with respect to DFDs: 1.2.1 Levelling(2) 1.2.2 Balancing(2) 1.2.3 Data dictionary(2)1.3 Draw a diagram of an example of each of the following showing the process, and the input(s...

ECS1601 Assignment 5 (PRACTICE) Semester 1 2023 100% TRUSTED workings, explanations and solutions. For assistance call or whatsapp us on +25477 954 0132 . [Questions] Question 1 (5 marks) Maximum word count: 100 words Suppose that you are at a retail store with your family. You come across two T-shirts, one made in South Africa and another made in the USA. With reference to the circular flow of income, withdrawals and injection, provide an explanation as to why it is better to purchase ...

ECS1500 Assignment 1 Semester 2 2023 (ANSWERS) Question 1 Incorrect Mark 0.00 out of 2.00 Flag question Question text The service of an information technology specialist will form part of the production factor, capital. Select one: a. True b. False Feedback Your answer is incorrect. The service of an information technology specialist will form part of the production factor, labour. This entails the use of the abilities and talents of a person who will be paid a wage or salary...

ECS1601Test bank with answers Economics, past exam papers Exam-Pack-Index From 2017-2022, assignment 1, assignment 2, .. ..complete solutions 1 ECS1601 TEST BANK Question 1 In the goods market of the circular flow model, …. 1) firms buy factors of production from consumers 2) firms buy finished products from households 3) consumers buy factors of production from firms 4) firms sell factors of production to the government 5) consumers buy finished products from firms Th...

In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market. - ANSWER product; resource Which of the following is a positive statement? - ANSWER The temperature is 92 degrees today. Refer to the diagram. Flow 1 represents - ANSWER wage, rent, interest, and profit income.D The two basic markets shown by the simple circular flow model are - ANSWER product and resource. The four factors of production are - ANSWER land, la...

In the first chapter of The Wealth of Nations, Smith introduces the idea of the _______, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers. Division of Labor Interconnected Economy Task Economy Modern Economy correct answers Division of Labor In a command economy, the _____ either makes most economic decisions itself or at least strongly influences how the decisions are made. Govern...

Test Bank for Economics 4th Edition by Paul Krugman 1. A simplified representation that is used to study a real situation is called a(n): A) model. B) production possibility frontier. C) assumption. D) trade-off. 2. The models that economists construct: A) usually make simplifying assumptions. B) often rely on physical constructs, such as those used by architects. C) rarely use mathematical equations or graphs. D) attempt to replicate the real world. 3. When building a mod...

ECO121 - Test Bank For ECONOMIC MANAGEMENT (ECO121) 2024 ECO121 Testbank Fullversion Changchangedit Economic management (Đại học Hà Nội) lOMoARcPSD| SUBJECT: ECO121 Contents CHAPTER 23........................................................................................................................................ 2 CHAPTER 24...................................................................................................................................... 15 CHAPTER 28......

ECN 211 ASU Final Exam Marburger | Questions and Correct Answers | Latest Update 2024/2025 The Circular Flow Diagram - Answer -Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC - Answer -The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... - Answer -the economy can produce more of everything Opportunity Cost - An...