Economic circular flow and physical-monetary transactions

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Please describe the actions of the economic actors in the economic circular flow diagram and the physical and monetary transactions that occur in each market of circular flow diagram. What is the circular flow diagram describing?

Please explain the three different, but equivalent, ways that this diagram describes GDP.

Occasionally economist use GDP as a measure of a nation's economic strength. What is a better measure of a nation's economic strength?

Reference no: EM13834165

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