Explain interaction of the economy participants in the macro economy flow
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The all pervasive economic problem is that of scarcity which is solved by three institutions (or decision-making agents) of an economy.
They are households (or individuals), firms and government. They are actively engaged in three economic activities of production, consumption and exchange of goods and services.....
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- In this lesson summary review and remind yourself of the key terms and calculations used in describing the output of an economy. Key topics include the expenditures approach, income approach, and value added approach to calculating GDP and why imports are subtracted from GDP.
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