Illustrate major economic flows that link U.S. with nations
Illustrate major economic flows that link U.S. with nations. Provide an example to illustrate each flow. Explain the relationship between the top and bottom flows.
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The 4 major economic flows are:
1. The flows of goods and services
2. The flows of capital equipment and labor
3. The flows of information and technology
4. The flows of money.
The financial flows provide the money necessary to pay for exports and imports.
Elucidate reallocation of Government resources?
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Describe Quasi-public goods?
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Elucidate how Personal income tax is a major source?
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What persuades new firms to enter in an industry? Answer: Abnormal profit encourages new firms to enter an industry.
Describe the meaning of the term “invisible hand.”
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