An illustration of the production possibilities model


Discussion

Your supervisor has been asked many questions about how the economy works and why the idea of limited resources is such a major concern in today's economy. As a result, she has asked you to prepare a report on the topics.

Specifically, your supervisor has asked you to prepare the following:

• A circular flow diagram that includes the government sector. For this part of your report, you should include a description of the roles that each participant plays in the economy and how the different sectors interact in the markets.

• An illustration of the Production Possibilities model, including a summary of what the model is illustrating and the economic implications for the economy.

• An explanation of why or why not trade with other countries is beneficial to an economy and how international trade fits into the circular flow diagram.

• An explanation of the difference between micro and macro economics, indicating why the division is necessary.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: An illustration of the production possibilities model
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