Answer to Question #144776 in Political Science for Terry

Question #144776
Three major flows in any economy are?
1
Expert's answer
2020-11-18T05:58:48-0500

In political economics, an economic system entails resource allocation, as we as the production and distribution of goods and services within a geographical area or a society. The system comprises various institutions, agencies, entities, decision-making processes and consumption patterns. Production and consumption are interested and explained in three major flows. The circular flow in a two-sector economy occurs in a simplified economy comprising households or consumers and business firms. The circular flow in a three-sector economy entails households/consumers, firms and government. The government introduces taxes and public expenditure in this economic system. Thirdly, the circular flow in a four-sector economy includes housedolds/consumers, business firms, government and exports. Foreign trade plays a fundamental role in this economic system.


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS