What is meant by the circular flow of income, Microeconomics

Problem 1:

a. Briefly explain and distinguish between a centrally planned, laissez-faire and mixed economy.

b. According to you, which type of economic system is most desirable? Why?

Problem 2:

a. Describe, with the aid of a diagram, what is meant by the circular flow of income.

b. Explain the problems involved in using national income data to compare standards of living in different countries.

Posted Date: 11/9/2013 12:22:35 AM | Location : United States

Related Discussions:- What is meant by the circular flow of income, Assignment Help, Ask Question on What is meant by the circular flow of income, Get Answer, Expert's Help, What is meant by the circular flow of income Discussions

Write discussion on What is meant by the circular flow of income
Your posts are moderated
Related Questions
Meaning of absolute cost difference and comparative cost difference.

uses of time series in Indian Economy?

A 5-years Rs.100 debenture of a firm can be sold for a net price of Rs. 96.50. The coupon rate of interest is 14 per cent per annum, and the debenture will be redeemed at 5 per cen

Explain how monetary and fiscal policies can be used to alleviate (= lessen) dissimilar types of inflation.  Define monetary and fiscal policies and show how these policies mig

Explain what economies of scale are and why they have become increasingly common in later years. Economies of scale - Enhance in fixed factors, but output enhances at a propo

Suppose you own a home remodeling company. You are currently earning short-run profits. The home remodeling industry is an increasing-cost industry. In the long run, what do you ex

what are some of recent development in theory of demand

The largest public utility company in New South Wales (NSW) is the sole provider of electricity across all regions in the state. The monthly demand for electricity in NSW is given

"A firm in monopolistic competition maximizes its profit by producing where its price is equal to its marginal cost." Is this statement correct or incorrect?  Explain.