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
Differentiate between nominal and real exchange rate.  Nominal exchange rate is the rate which actually prevails in the foreign swap market. The real exchange rate is the rate

Q. Describe about Capitalism? Capitalism: An economic system in that privately-owned businesses and companies undertake most economic activity (with the goal of generating priv

Explain the effect of increased money supply on bond prices

Advocacy of Globalisation: In support of the movement for globalisation, the following arguments are put forth: i) Globalisation promotes foreign direct investment and, thu

Define the generality of economic theory in the modern economics. Generality of Economic Theory An economic theory is based onto assumptions imposed onto economic environmen

Question: (a) With reference to the characteristics of market structure, describe why the market for powdered milk in Mauritius is an appropriate example of monopolistic compe

Why is it unusual for yields on longer term notes to be lower than yields on shorter term notes? 2pts b) Why would any investor buy the 2 year note (instead of the 1 year) given it

what do you understand by demographic window acess by india

Question: (a) Explain the factors that contributed to the adoption of structural adjustment programme by a majority of Least Developed Countries in the 1980s? (b) Describe t