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Circular flow and demand and supply

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Reference no: EM132400461

You are required to prepare a report of around 2,500 words regarding the production possibility frontier, circular flow and demand and supply.

You must read the following two articles available in Blackboard (Course Materials/Case Studies):
• Circular flow of income
• Understanding the Circular Flow of Income and Spending

Based on these articles, please start your assignment with the circular flow. The following guidelines will assist you:
• What is circular flow?
• What does it depict?
• What does it illustrate?
• How many different versions of the model we have today?
• Leakages and Injections within the model.
• Provide a comprehensive analysis of the model (use tables and figures from the literature - academic journals and internet).
• Use references, at least 12.
• After the analysis of the circular flow, proceed to the analysis of production possibility curve and demand and the supply.
• Use your own example to present the production possibility frontier. Specifically, use two goods or services of your choice and analyse the curve (i.e. which points depict inefficiency, which points are unattainable, when we have full efficiency and when we have economic growth). Explain the issue of increasing opportunity cost. Enrich yours text using figures and tables.
• After the analysis of production possibility curve, proceed to the analysis of demand and supply.
• Use your own examples to present all possible variations of the determinants (both demand and supply) and how they are related with the market economy; for example, if income increases, what happens to the demand and what impact this change may produce to the market economy.
• More specifically, use figures to present the change in the determinant and then make the connection with the market economy.
• Present only the one case of the determinants; for example, if you present the determinant of income increase, you don't have to present the opposite (decrease).
• Always with reference the circular flow, production possibility curve and the determinants of demand and supply give examples how these factors affect the market economy. In doing so, have always in mind to 1) define the basic concepts, terminology and analytical techniques of economics (this will help you answer the topics about the production possibility curve and the circular flow), and 2)analyze the function of markets and the factors that influence the price and quantity of goods and services produced by the market economy.

Attachment:- circular flow and demand and supply.rar

Verified Expert

This assignment is undertaken by analyzing the concepts like circular flow of income and spending and production possibility frontier and demand supply curve.The analysis is conducted to grasp idea about the effect of these concepts upon the market economy because market economy functioning shows the health of the economy.

Reference no: EM132400461

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