In the textbook, there are two circular flow diagrams: One that represents the flows in the macro-economy as a closed system and one that represents…
In the textbook, there are two circular flow diagrams: One that represents the flows in the macro-economy as a closed system and one that represents the flows as an open system. Review the diagrams and write a three to five page length paper that: Defines and explains a closed system and provides an example. Defines and explains an open system and provides an example. Explains the inner and outer flows of a closed system. Explains the inner and outer flows of an open system. Defines and explains leakages in an open system. Defines and explains injections in an open system. Provides a personal example of a leakage, describes it and explains it. Provides a personal example of an injection, describes it and explains it. Please submit your assignment.For assistance with your assignment, please use your text, Web resources, and all course materials.
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