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Questions and Answers
What does the circular flow diagram represent?
What does the circular flow diagram represent?
The flow of money, goods, and services between households and firms in an economy
What is the division of labor and how does it enhance efficiency?
What is the division of labor and how does it enhance efficiency?
Allocating different tasks among workers to specialize in specific tasks, leading to increased productivity.
Define exports in the context of the economy.
Define exports in the context of the economy.
Domestically produced goods and services sold in foreign markets.
Explain globalization with an example.
Explain globalization with an example.
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What does productive efficiency mean?
What does productive efficiency mean?
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How does the circular flow diagram illustrate the interconnectedness of the economy?
How does the circular flow diagram illustrate the interconnectedness of the economy?
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What is fiscal policy?
What is fiscal policy?
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Explain the goods and services market.
Explain the goods and services market.
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Define imports.
Define imports.
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What does GDP measure?
What does GDP measure?
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What is the labor market?
What is the labor market?
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Explain market economy.
Explain market economy.
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