Draw the circular flow diagram what does it show

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Reference no: EM131660098

Definitions, and some applications of your thinking -

1. Profit

2. GDP

3. Productivity

4. Define and give an example of perfect competition in a market. 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: EM131660098

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