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Principles of Economics Supply and Demand – Economics Assignment Help

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  • What is Economics, and Why Is It Important?
  • Microeconomics and Macroeconomics
  • How Economists Use Theories and Models to Understand Economic Issues
  • How To Organize Economies 
  • An Overview of Economic Systems
  • 1.3 How Economists Use Theories and  Models to Understand Economic Issues
  • Economic Theories and Models
  • The circular flow diagram shows how households and firms interact in the goods and services market, and in the labor market. 
  • The direction of the arrows shows that in the goods and services market, households receive goods and services and pay firms for them. 
  • In the labor market, households provide labor and receive payment from firms through wages, salaries, and benefits

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