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Defines and explains a closed system

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Reference no: EM13121247

In the textbook, there are two circular flow diagrams: One that represents the flows in the macro-economy as a closed system and one that represents the flows as an open system. Review the diagrams and write a three to five page length paper that:

Defines and explains a closed system and provides an example.

Explains the inner and outer flows of a closed system.

Defines and explains leakages in an open system.

Provides a personal example of a leakage, describes it and explains it.

Reference no: EM13121247

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