ECS 1601 ASSIGNMENT 1
Johns Hopkins University
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ECS 1601 ASSIGNMENT 1
- Exam (elaborations) • 7 pages • 2021
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Closing Date : 21 August 2020 
1.1 The three major flows in any economy are … 
[1] income, spending and saving. 
[2] income, government spending and consumption. 
[3] spending, production and investment. 
[4] production, income and spending. 
These are the flows that are discussed in the circular flow model. 
1.2 The two major markets in the circular flow of income and expenditure are the … 
[1] foreign exchange market and factor market. 
[2] goods market and factor market....
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