QUESTION:
2)Please Use the circular flow model to provide a picture of how
households, firms, and governments interact. Aggregate activities
of all participants and Integration and interdependence of each
participant
3) What are the characteristics of advanced economies, emerging economies, and developing economies.
4) Explain and illustrate the concepts of scarcity, production efficiency, and tradeoff using the production possibilities frontier.
Video: How Germany Became Europe’s Richest Country
Link: https://www.youtube.com/watch?v=Uad1Ma5DSMA&list=PLCFC957076C5D2A67&index=5
