01 May Question: CONTEXT: Circular Flow Diagram: Represents flow of monetary transactions (money goods and service…
CONTEXT:
Circular Flow Diagram:
Represents flow of monetary transactions (money goods and services) in an economy.
Show how a specific series of exchanges of goods, services and payments make up the building blocks of a given economic system of interest.
- There should be only two economic actors in your CFD.
- What are these 2?
Firms- Producers and Households-Consumers
**QUESTION TO SOLVE
- –Each of these is what we call a “maximizing agent”, which means that each of them strives to maximize something. What is it that each maximizes?
–The system aims to accomplish a specific end, namely efficient allocation of resources. What does this mean? How does this system accomplish its goal? How does the satisfaction of needs & wants fit into this economic system and its goal?
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