What is meant by the circular flow of income, Microeconomics

Assignment Help:

Problem 1:

a. Briefly explain and distinguish between a centrally planned, laissez-faire and mixed economy.

b. According to you, which type of economic system is most desirable? Why?

Problem 2:

a. Describe, with the aid of a diagram, what is meant by the circular flow of income.

b. Explain the problems involved in using national income data to compare standards of living in different countries.


Related Discussions:- What is meant by the circular flow of income

The Keynesian model, using the basic Keynesian model answewr the following ...

using the basic Keynesian model answewr the following parts carefully using the relevant diagrams. what happens to the equilibrium level of GDP(Y) given the following: a) a reducti

Problems in profit measurement, Accounting profit equals revenue minus all ...

Accounting profit equals revenue minus all explicit costs, and economic. One profit is defined it should not be difficult to measure the profit of a firm for a given period. But tw

Assignment, is south africa''s economic system now more allocative efficien...

is south africa''s economic system now more allocative efficient

Types of taxes, Taxes: Compulsory government levies collected to pay for pu...

Taxes: Compulsory government levies collected to pay for public spending. There are numerous types of taxes (corporate, income, wealth, sales, environmentaland payroll taxes); each

Determine the action keep the price above market equilibrium, What actions ...

What actions could a government take in order to keep the price above market equilibrium? There are four basic possibilities here; 1) Minimum price;  2) A tax on the good

Returns to scale in carpet industry, Returns to Scale in Carpet Industry ...

Returns to Scale in Carpet Industry *  The carpet industry has grown from the small industry to large industry with some large firms. *  Question - Can the growth be illu

Determine the net present value, A potential investment project has the fol...

A potential investment project has the following stream of annual social (benefits minus costs), where you may assume the project starts with the capital payment of $12,000 on Day

Healthcare economic and finance, Which drug is likely to be the most profit...

Which drug is likely to be the most profitable for its producer (in terms of average “per-drug” profit)?

Price crimination, (i) Define the three types of price discrimination, clea...

(i) Define the three types of price discrimination, clearly stating the different information requires of each type of discrimination. (ii) Find a real-world example of second-degr

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd