Draw the circular flow diagram

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Reference no: EM131380875

Vocabulary and Concepts Quiz Definitions, and some applications of your thinking.

1. Profit (you can use Acton thinking here, too)

2. GDP

3. Productivity

4. Define and give an example of perfect competition in a mark-et. Why do you think it is called 'perfect?'

5. What is the major difference between a market economy (capitalism) and a command economy? Give an example of each. from history or from present day.

6. Draw the Circular Flow Diagram. What does it show?

Reference no: EM131380875

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