Explain how the Circular Flow Model for a Market-Oriented
Explain how the Circular Flow Model for a Market-Oriented System?
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A. There are two groups of decision makers in private economy (no government yet):
1. Households
2. Businesses.
The market system coordinates these decisions. Circular flow model illustrates this complex web of decision-making and economic activity that give rise to the real and money flows.
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In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates. Discover Q & A Leading Solution Library Avail More Than 1431999 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1959243 Asked 3,689 Active Tutors 1431999 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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