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Explain how the circular flow diagram explains the economy. Contrast macroeconomic concepts versus microeconomic concepts. Contrast when an economist acts as a policy adviser and

  • Explainhowthe circular flow diagramexplains the economy.
  • Contrast macroeconomic concepts versus microeconomic concepts.
  • Contrast when an economist acts as a policy adviser and when an economist acts as a scientist.
  • Explain the difference between positive and normative economics.
  • Classify the different functions an economist may serve.

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