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Economics

Draw the Circular Flow Model of a simple economy with the roles of firms, Households, Government and a foreign sector. In addition, identify the factor and product markets in this economy.

1) Identify in the diagram the flows for all injections and leakages in a typical year.

2) Discuss the economic functions of the players and the markets in your diagram. Describe the "Leakage" equation!

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91227755

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