basic economics

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The U.S. capitalist system relies on a theoretical model, the circular flow model, with three basic elements interacting together to ensure that our needs and wants are provided. The three sectors are (a)consumer, (b)business, and (c)government. The circular flow model shows us that input from each sector spurs on production, and thus goods and services are created.

In an essay, compare and contrast the circular flow model and a simple flow model. Address what happens to price and quantity in changes in demand and supply.

Length: 1000-1800 words

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