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Draw a circular flow diagram showing all participants in a closed economy, and briefly explain the flows of production, income and expenditure. Making use of
Draw a circular flow diagram showing all participants in a closed economy, and briefly
explain the flows of production, income and expenditure.
Making use of graphs, show the difference between a change in quantity supplied and a change in
the supply of a good. Explain what you have shown in the graph and give an example of what could
cause the supply curve to shift.
Discuss the difference between market and command economies. In your response,
please make use of examples
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