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Assume that we have a economy with no government and no capital investment that is closed to the outside world.draw a simple circular flow diagram with just firms:downstream firms that product final goods and services for consumption, and upstream in production only intermediate goods that are used by downstream firms in production. Draw and discuss a circular flow of payments diagram in witch upstream firms and downstream firms are displayed separately.

What is double counting in calculation GDP?Explain why GDP does not equal total sales.

Whats the difference GDP and GNP ?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9478765

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