=+8. An economist might say that colleges and universities produce education, using faculty members and students as

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=+8. An economist might say that colleges and universities “produce” education, using faculty members and students as inputs. According to this line of reasoning, education is then “consumed” by households. Construct a circular-flow diagram to represent the sector of the economy devoted to college education: colleges and

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Economics

ISBN: 9781319066604

5th Edition

Authors: Robin Krugman, Paul Wells

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