Circular flow of income.ppt
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The document discusses circular flow models which show the linkages between different sectors of the economy and how money flows between them. It describes the two sector model consisting of households and industry, the three sector model which adds government, and the four sector model that also includes financial and foreign sectors. The circular flow models illustrate how households supply factors of production like labor to businesses in exchange for factor incomes, and how businesses provide goods and services to households in exchange for spending. They can be used to understand national income calculation, trade policies, and monetary policy.
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Circular flow of national income (1).ppt
Introduction
The circular flow of income is a theoretical construct that simplifies the complex interactions within an economy. At its core, this model visualizes the flow of money and goods and services between two main sectors: households and firms. These sectors engage in economic transactions that drive the flow of income, creating a circular and continuous process.
Basic Components of the Circular Flow Model
1. Households
Households are the primary consumers in an economy. They provide factors of production such as labor, land, and capital to firms in exchange for income. This income can take various forms, including wages, rent, interest, and profits. Households use this income to purchase goods and services, pay taxes, and save.
2. Firms
Firms, also known as businesses or producers, play a crucial role in the circular flow. They hire factors of production from households to produce goods and services. Firms generate revenue by selling these goods and services to households and other firms. The revenue earned is then used to pay for factors of production, cover operating costs, and potentially reinvest in the business.
3. Goods and Services
The flow of goods and services is a central element of the circular flow model. Firms produce goods and services, which are then sold to households and other firms in exchange for money. This exchange of money for goods and services represents a fundamental economic transaction.
4. Factor Payments
Households receive factor payments for providing their inputs (labor, land, capital) to firms. These factor payments include wages, rent, interest, and profits. Factor payments form the income that households use to meet their consumption needs and engage in other economic activities.
5. Government Sector
The circular flow model is often expanded to include the government sector. Governments collect taxes from households and firms, and in return, they provide public goods and services. Additionally, governments may engage in transfer payments, redistributing income to support individuals in need.
6. Financial Institutions
Financial institutions, such as banks, facilitate the circular flow by managing the flow of money between savers and borrowers. They provide loans to firms for investment, and households use financial institutions to save and borrow money.
The Flow of Money in the Circular Model
The circular flow of income is dynamic, and the flow of money can be traced through various stages of the economic process.
Households Provide Factors of Production: Households supply factors of production—labor, land, and capital—to firms.
Firms Produce Goods and Services: Firms use these factors of production to produce goods and services.
Goods and Services Sold in Markets: Firms sell these goods and services in markets, receiving payments in return.
Income to Households: The payments received by firms become income for households, which is used for consumption, saving, and taxes.
Government Involvement:
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The circular flow of income shows the interconnected flows of goods, services, and money between households and firms in an economy. Households provide factor services like labor to firms and receive income, while firms produce goods and services and sell them to households. This results in a circular flow as money flows from households to firms and goods/services flow from firms to households. GDP can be measured using the income, expenditure, and production approaches, which should all equal the total value of final goods produced in an economy in a given time period when accounting properly.
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2) It illustrates the circular flow of income between individuals and businesses, where individuals receive income from businesses for supplying labor, capital, and resources, and then spend that income on goods and services produced by businesses.
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Circular flow of national income (1).ppt
Introduction
The circular flow of income is a theoretical construct that simplifies the complex interactions within an economy. At its core, this model visualizes the flow of money and goods and services between two main sectors: households and firms. These sectors engage in economic transactions that drive the flow of income, creating a circular and continuous process.
Basic Components of the Circular Flow Model
1. Households
Households are the primary consumers in an economy. They provide factors of production such as labor, land, and capital to firms in exchange for income. This income can take various forms, including wages, rent, interest, and profits. Households use this income to purchase goods and services, pay taxes, and save.
2. Firms
Firms, also known as businesses or producers, play a crucial role in the circular flow. They hire factors of production from households to produce goods and services. Firms generate revenue by selling these goods and services to households and other firms. The revenue earned is then used to pay for factors of production, cover operating costs, and potentially reinvest in the business.
3. Goods and Services
The flow of goods and services is a central element of the circular flow model. Firms produce goods and services, which are then sold to households and other firms in exchange for money. This exchange of money for goods and services represents a fundamental economic transaction.
4. Factor Payments
Households receive factor payments for providing their inputs (labor, land, capital) to firms. These factor payments include wages, rent, interest, and profits. Factor payments form the income that households use to meet their consumption needs and engage in other economic activities.
5. Government Sector
The circular flow model is often expanded to include the government sector. Governments collect taxes from households and firms, and in return, they provide public goods and services. Additionally, governments may engage in transfer payments, redistributing income to support individuals in need.
6. Financial Institutions
Financial institutions, such as banks, facilitate the circular flow by managing the flow of money between savers and borrowers. They provide loans to firms for investment, and households use financial institutions to save and borrow money.
The Flow of Money in the Circular Model
The circular flow of income is dynamic, and the flow of money can be traced through various stages of the economic process.
Households Provide Factors of Production: Households supply factors of production—labor, land, and capital—to firms.
Firms Produce Goods and Services: Firms use these factors of production to produce goods and services.
Goods and Services Sold in Markets: Firms sell these goods and services in markets, receiving payments in return.
Income to Households: The payments received by firms become income for households, which is used for consumption, saving, and taxes.
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The document provides an overview of key concepts related to measuring national income, including:
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3) The relationship between macroeconomics and other fields like political science, and the distinction between positive and normative macroeconomic analysis.
oligopolypresentation-100210181150-phpapp02.ppt
This document defines and provides examples of an oligopoly market structure. An oligopoly exists when there are a few dominant firms in an industry serving many buyers. Key aspects of oligopolies include mutual interdependence between firms, inelastic demand curves, and examples like wireless carriers, supermarkets, and electronics manufacturers. The document also contrasts oligopolies with other market structures and discusses pricing strategies in an oligopolistic market.
economy-of-scale-1207329994078987-9.ppt
This document discusses the concept of economies of scale. It defines economies of scale as situations where the average cost of production decreases as the scale of output increases. There are internal economies from factors like specialization within a firm and external economies from industry-wide factors. The document outlines different types of internal economies from technical, commercial, financial, and managerial sources. It also discusses limitations of economies of scale like management problems that can arise from large size. Graphs and formulas are provided to illustrate the relationship between scale of production and average cost.
Monopoly Market.ppt
Based on the information provided:
- The demand function is in log-linear form, with the coefficients representing the elasticities.
- The price elasticity of demand (PED) is given as -1.5. This means demand is price elastic (PED > 1 in absolute value).
- The income elasticity of demand (YED) is given as 1.3. This means demand is income elastic (YED > 1).
So in summary, the key aspects of the demand for Nike sportswear based on the given expression are:
1) Demand is price elastic
2) Demand is income elastic
3) The function allows us to estimate how quantity demanded responds to changes in price and
Kinked Demand Curve.ppt
The document summarizes Sweezy's model of oligopoly pricing behavior. It shows two demand curves representing what happens when a firm changes its price and competitors do or do not follow. This creates a "kinked" marginal revenue curve that is discontinuous at the point of equilibrium, providing no incentive for the firm to change its price or output. The model suggests firms in an oligopoly will gravitate towards "sticky prices" at the point of equilibrium.
Circular flow of income.ppt
The document discusses circular flow models which show the linkages between different sectors of the economy and how money flows between them. It describes the two sector model consisting of households and industry, the three sector model which adds government, and the four sector model that also includes financial and foreign sectors. The circular flow models illustrate how households supply factors of production like labor to businesses in exchange for factor incomes, and how businesses provide goods and services to households in exchange for spending. They can be used to understand national income calculation, trade policies, and monetary policy.
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Independent Study - College of Wooster Research (2023-2024)
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
原版定制【微信:bwp0011】《(nwu毕业证书)美国西北大学毕业证学位证书》【微信:bwp0011】成绩单 、雅思、外壳、留信学历认证永久存档查询，采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信bwp0011】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信bwp0011】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
University of North Carolina at Charlotte degree offer diploma Transcript
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
快速办理(美国Fordham毕业证书)福德汉姆大学毕业证学历证书一模一样
学校原件一模一样【微信：741003700 】《(美国Fordham毕业证书)福德汉姆大学毕业证学历证书》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
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How has Britain’s safety net changed since 2010 and what comes next?
RMIT University degree offer diploma Transcript
澳洲RMIT毕业证书制作RMIT假文凭定制Q微168899991做RMIT留信网教留服认证海牙认证改RMIT成绩单GPA做RMIT假学位证假文凭高仿毕业证申请墨尔本皇家理工大学RMIT University degree offer diploma Transcript
在线办理(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证完成信一模一样
学校原件一模一样【微信：741003700 】《(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
永久可查学历认证【微信：A575476】【美国新罕布什尔大学(unh)毕业证成绩单Offer】【微信：A575476】（留信学历认证永久存档查询）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：A575476】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strategies
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.Ending stagnation: How to boost prosperity across Scotland
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样
原版一模一样【微信：741003700 】【美国迈阿密大学牛津分校毕业证文凭证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
留信网认证的作用:
1:该专业认证可证明留学生真实身份
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留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
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- 1. THE CIRCULAR FLOW OF INCOME 1
- 2. What is a circular flow of income? • The circular flow of income shows the connection or linkages between different sectors of the economy. • It can be explained with the help of economic models. • The circular flow model is a picture of market economy in action. It tells how the money flows in the economy. 2
- 3. Types of circular flow models • Two sector model • Three sector model • Four sector model 3
- 4. Two sector model • It consists of household sector and the industrial sector. • Household sector demand goods and services and they provide labour resources to the business sector. • Industrial sector produce and supply goods and services to the household sector Businesses demand resources for production: land, labour, capital, and entrepreneurs. 4
- 5. 5 Household sector Firms/ industrial sector Factor Services Factor Incomes Factor Services Factor Incomes Wages/Salaries Interest Profit Rent Labour Capital Entrepreneur Land Spending Products
- 6. Three sector model It is called the closed economy model. It includes the household sector industrial sector government sector – the government collects taxes to provide resources and services to the people. 6
- 7. Product Markets Factor Markets goods & services… ….goods & services ….consumption spending…. ….salaries, wages, rent, dividends….. land, labor, capital…… …entrepreneurial ability Government sector Household sector industrial sector
- 8. Product Markets Factor Markets goods & services… ….goods & services ….consumption spending…. ….salaries, wages, rent, dividends….. land, labor, capital…… …entrepreneurial ability Household sector industrial sector
- 9. Product Markets Factor Markets goods & services… ….goods & services ….consumption spending…. ….salaries, wages, rent, dividends….. land, labor, capital…… …entrepreneurial ability Personal Income Taxes Corporate Income Taxes Household sector industrial sector
- 10. Product Markets Factor Markets goods & services… ….goods & services ….consumption spending…. ….salaries, wages, rent, dividends….. land, labor, capital…… …entrepreneurial ability Personal Income Taxes Corporate Income Taxes transfer payments subsidies Household sector industrial sector
- 11. Four sector model • The is called the open economy model. • It consists of household sector industrial sector government sector financial sector and the foreign sector. 11
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- 14. Uses of circular flow models • It gives the clear picture of the market economy. • It helps in the calculation of national income. • Formulation of trade policies which promotes the exports and reduces the imports. • It explains the importance of monetary policy by establishing equilibrium between savings and investment. 14
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