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Macroeconomic Activity and the Circular Flow of Income

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Information about the circular flow, simple model, explanation of each sector of the cycle and how to achieve equilibrium

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8 Pages Partial Study Notes 1-2 Years old
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Macroeconomic Activity and the Circular Flow of Income
Topics this document covers:
Economy Macroeconomics Economics Gross domestic product Expenditure Circular flow of income Keynesian economics Fiscal policy Aggregate expenditure National accounts Open economy Leakage
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Economy Macroeconomics Economics Gross domestic product Expenditure Circular flow of income Keynesian economics Fiscal policy Aggregate expenditure National accounts Open economy Leakage
Sample Text:
In the study of macroeconomics, economists: - collect and analyse information about levels of production, output, spending and income in the economy - build and test theories - propose policy measures to improve the state of the economy in both the short and the long term. A model is a simplified view of reality that omits many of the complications of the real world in order to provide us with a clear picture of how something works. The circular flow of income (CFY) model describes the flows of resources, goods and services and income between the parts of the economy. The model divides the economy i...
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