Circular flow diagram - Study guides, Class notes & Summaries

ECS1601 Assignment 7 (DETAILED ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines, workings and references ,... Question 1 (5 marks) Maximum word count: 100 words 1.1 Suppose you live in South Africa and have the option to buy proudly South African products or international brands. With reference to the circular flow of goods and services and the circular flow of income and spending between households, firms, government and the...

ICT2621 2023 Assignment 3 solution Questions: Question 1 NB: When drawing data flow diagrams (DFDs), use the Gane and Sarson symbols/notation set. 1.1 Draw, name and describe the four symbols used in a data flow diagram (DFD). You may use a table to present your answer. (6) 1.2 Briefly describe the following with respect to DFDs: 1.2.1 Levelling(2) 1.2.2 Balancing(2) 1.2.3 Data dictionary(2)1.3 Draw a diagram of an example of each of the following showing the process, and the input(s...

the incidence of a tax: Answer refers to how much of the tax is actually paid by consumers and producers points beyond the production-possibility frontier Answer are unattainable with current resources the circular-flow diagram shows the flow of ____ and the flow of _______ Answer money; goods and services when a nations economy grows: Answer its production possibility frontier shifts outward a Pigouvian subsidy is: Answer designed to encourage activities generating external benefits...

ECS1601 Assignment 5 (PRACTICE) Semester 1 2023 100% TRUSTED workings, explanations and solutions. For assistance call or whatsapp us on +25477 954 0132 . [Questions] Question 1 (5 marks) Maximum word count: 100 words Suppose that you are at a retail store with your family. You come across two T-shirts, one made in South Africa and another made in the USA. With reference to the circular flow of income, withdrawals and injection, provide an explanation as to why it is better to purchase ...

ECS1500 Assignment 1 Semester 2 2023 (ANSWERS) Question 1 Incorrect Mark 0.00 out of 2.00 Flag question Question text The service of an information technology specialist will form part of the production factor, capital. Select one: a. True b. False Feedback Your answer is incorrect. The service of an information technology specialist will form part of the production factor, labour. This entails the use of the abilities and talents of a person who will be paid a wage or salary...

ECS1601 Assessment 7 - Alternative 2024 – DUE 2 November 2024 ;100 % TRUSTED workings, Expert Solved, Explanations and Solutions. Question 1 (5 marks) Maximum word count: 100 words 1.1 Suppose you live in South Africa and have the option to buy proudly South African products or international brands. With reference to the circular flow of goods and services and the circular flow of income and spending between households, firms, government and the foreign sector, provide an explanation as to why...

ECS1601Test bank with answers Economics, past exam papers Exam-Pack-Index From , assignment 1, assignment 2, .. ..complete solutions 1 ECS1601 TEST BANK Question 1 In the goods market of the circular flow model, …. 1) firms buy factors of production from consumers 2) firms buy finished products from households 3) consumers buy factors of production from firms 4) firms sell factors of production to the government 5) consumers buy finished products from firms The correct...

This document contains workings, explanations and solutions to the ECS1601 Assignment 7 (QUALITY ANSWERS) 2024. For assistance whats-app us on 0.6.8..8.1.2..0.9.3.4.... Question 1 (5 marks) Maximum word count: 100 words 1.1 Suppose you live in South Africa and have the option to buy proudly South African products or international brands. With reference to the circular flow of goods and services and the circular flow of income and spending between households, firms, government and the foreign s...

In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market. - ANSWER product; resource Which of the following is a positive statement? - ANSWER The temperature is 92 degrees today. Refer to the diagram. Flow 1 represents - ANSWER wage, rent, interest, and profit income.D The two basic markets shown by the simple circular flow model are - ANSWER product and resource. The four factors of production are - ANSWER land, la...

In the first chapter of The Wealth of Nations, Smith introduces the idea of the _______, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers. Division of Labor Interconnected Economy Task Economy Modern Economy correct answers Division of Labor In a command economy, the _____ either makes most economic decisions itself or at least strongly influences how the decisions are made. Govern...