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There are two circular flow diagrams: One that represents the flows in the macro-economy as a closed system and one that represents the flows as an open system. Review the diagrams and prepare a three to five page length paper that:

•Defines and describes a closed system and provides an ex.
•Defines and describes an open system and provides an ex.
•describes the inner and outer flows of a closed system.
•describes the inner and outer flows of an open system.
•Defines and describes leakages in an open system.
•Defines and describes injections in an open system.
•Provides a personal ex of a leakage, describes it and describes it.
•Provides a personal ex of an injection, describes it and describes it.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M948335

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