Types of Circular Flow of Income in Economics

Q: Is Income determined by the Scarcity of Your Contribution, and Not the Value of Human Worth?

A: ANSWER Scarcity refer to the basic economic problem- the gap between limited resources and limitless…

Q: s a student, why is there a need to study economic development, and how is this relevant to…

A: Economic development is the essential part of economics which is study by the student when he study…

Q: Ratio of change in savings because of change in income is known as _________

A: # consumption and savings are the two main important part of the income. Consumption is that part of…

Q: In the context of the circular flow model of the economy, the best way to  describes the…

A: The circular flow model of the economy is a simplified representation of how money, goods, and…

Q: Who wrote An Inquiry into the Wealth of Nations? a. Adam Smith b. Milton Friedman c. Aristotle d.…

A: Adam Smith was the Scottish philosopher and economist. He was born in June 1723 in Kirkcaldy, United…

Q: Using the basic circular flow model, explain whythe value of businesses’ output of goods andservices…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: explain the impact of a low interest rate on gross domestic product(not less than a page)

A: We can determine the impact of low interest rate on gross domestic product by taking IS-LM model. IS…

Q: How does the IS-IM model shift in regards to the implementation of universal basic income?

A: Using the IS-LM model, analyze the implications of implementing universal basic income. The IS curve…

Q: What is the concept of circular economy?

A: Introduction: Economics is the study of the production, distribution, and utilization of goods. It…

Q: In the Circular Flow of Income model, Goods and Services are produced by

A: The economics as a study is associated with the use of scarce, or limited amount of resources in the…

Q: Explain how higher saving leads to a higher standard of living.

A: In neo classical economics it is assumed that saving is equal to the investment and an economy is at…

Q: The equality between total production, income and expenditure does not hold if different set of…

A: Total production is the output which is available in an economy and is accounted for the calculation…

Q: In economic​ terminology, the inputs used to make goods and services   are referred to as   A.…

A: In an economy for a firm, industry or businesses to produce any goods and services there is…

Q: A point where most economic indicators are at their high point. 1-depression 2- expansion 3- peak…

A: When talking about phases of business cycle, these phases are explained by the movement of economic…

Q: In the circular flow model, the factors of production flow in the?

A: Factors of production Factors to production refers to those resources that are used during the…

Q: people typically pay more attention to their real income or their nominal income?

A: GDP is used to explain the overall economic welfare of a nation. It is used to calculate the…

Q: Draw the business cycle and label each phase and stages and explain

A: The market value of all final goods and services produced in the economic territory of the country…

Q: Are the four phases of the business cycle in a certain order?

A: The business cycles are the various fluctuations of output that result in fluctuations in…

Q: Question 3 What is the traditional way economists measure the standard of living? What are some…

A: Standard of living:- The level of money, conveniences, and facilities offered, as given to a…

Q: If a country decides to have a UBI (Universal Basic Income) policy, what are some ways using which…

A: Universal Basic Income (UBI) is a type of transfer income that all the citizens of a country receive…

Q: Transfer payments are included in the gross domestic product or GDP. a. True b. False c. Maybe

A: Governments make economic investments, but they also give people transfer payments. There is no…

Q: Determine if each transaction is included in the Gross Domestic Product (GDP) and mark each item as…

A: " Since you have posted a question with multiple sub-parts, we shall answer the first sub-parts . To…

Q: What is the problem of evaluating consumer incomes in nominal terms across time and space?

A: For the given question, the problems of evaluating consumer income in nominal terms across time and…

Q: efine macro economic

A: Answer is given below

Q: In the circular flow model, households are buyers and firms are sellers in the  a. government…

A: Circular flow model represent the flows of money, goods and services and so on, between different…

Q: he average income of a count nown as a. Real National Income b. Per Capita Income c. Disposable…

A: The average income is the quantity of money earned basically by each person in a particular location…

Q: In the circular flow model, how does government affect the economy? What about the rest of the…

A: The circular flow model depicts how money circulates in society. Money moves from producers to…

Q: Amartya Sen identifies five sources of disparity between real incomes and actual advantages. Discuss…

A: Answer: Amartya Sen identifies five sources of disparity between real incomes and actual advantages.…

Q: The number of people in any place is the result of three major factors. Name these factors and…

A: Three major factors that affect the number of people at a particular place are: Socio –political…

Q: Focus on the analysis of small individual units of the economy?

A: Introduction The firm, the home, and the government are the three fundamental economic units that…

Q: n a circular flow of income in an economy, the govt. is seen as playing the role of an unbias…

A: The circular flow of income is an economic model in which significant exchanges are represented as…

Q: How is GDP affected by the nominal and effective interest rate

A: GDP refers to the total monetary value or market value of all the finished Products and services…

Q: why do economist believe there is a strong correlation between productivity and the standard of…

A: Correlation refers to the statistic that measures that describes the linear relationship between the…

Q: Explain with the help of a diagram the circular flow of income. Identity the parts of the model that…

A: The circular flow of income help understands the flows of activities such as the production of goods…