Your supervisor has been asked many questions about how the economy works and why the idea of limited resources is such a major concern in today’s economy. As a result, she has asked you to prepare a...

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Your supervisor has been asked many questions about how the economy works and why the idea of limited resources is such a major concern in today’s economy. As a result, she has asked you to prepare a report on the topics.

Specifically, your supervisor has asked you to prepare the following:

  • A circular flow diagram that includes the government sector. For this part of your report, you should include a description of the roles that each participant plays in the economy and how the different sectors interact in the markets.
  • An illustration of the Production Possibilities model, including a summary of what the model is illustrating and the economic implications for the economy.
  • An explanation of why or why not trade with other countries is beneficial to an economy and how international trade fits into the circular flow diagram.
  • An explanation of the difference between micro and macro economics, indicating why the division is necessary.

Deliverables:

  • Prepare a 5-6 page Microsoft Word document that addresses the above tasks and meets APA standards.
  • Include a summary section in your report that contains5-7 bullet pointsidentifying your major findings or conclusions of your paper.
  • Submit the summary section as your initial post in theDiscussion Areabythe due date assigned.Include the full report as an attachment to your posting.
  • Continue your discussions until the end of the week by commenting on at least two other submissions by your peers, identifying the strengths and weaknesses of each post.
  • All submissions must be original and all resources must be properly acknowledged
Answered Same DayMay 05, 2021

Solution

Harshit Agarwal answered on May 05 2021
28 Votes

Circular flow reflects the flow of capital and money from one sector to another. There are three participants which are Government, Households and Firms or Business. Following is the circular flow...

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