ECONOMIC FLOW CHART MODEL

The economy can be considered as two cycles moving in inverse ways. One
way, we see goods and services moving from people to households and back once
more. This addresses that, as workers, we go to attempt to make things or offer types of
assistance that individuals need. The other way, we see cash moving from
organizations to families and back once more. This addresses the pay we create from
the work we do, which we use to pay for the things we need. Both cycles are important
to make the economy work. At the point when we purchase things, we pay cash for
them. At the point when we go to work, we make things in return for cash. The circular
flow model of the economy filters the thought illustrated in the given and shows the
progression of cash and labor and products in an industrialist economy.
As given the implication of this model in our economy it also measured our
national income. Simply by the sectors in the model are the components of the
calculation of our national income. Which the use approach computes a country Gross
domestic product as the amount of the family utilization use. Next, the unending nature
of economic activities. The money and resources that flows in the cycle is indefinite
with a balance aggregate income and expense. And lastly, injections and leakages, it is
balance aswell because if the injection over weight the leakages tendency the country’s
income will grow and vice versa.

YUNG ATLEAST 3 NA EXAMPLE NG MICROECONOMICS

Since we are facing difficulties in our daily living due to these pandemic one best
example where in microeconomics be sited is as to how are we going to allocate our
resources to different necessity and needs knowing that there is a crisis or explaining
what causes it to be crises due to this pandemic. Next, buying goods which give the
highest satisfaction for the price. This is what we are all concerned about the most. It’s
just a common sense but the idea is that a rational person will be evaluating as to how
much satisfaction we got from the goods and services we pay. It is a maximization of
your overall welfare because if you will consume a goods or services where satisfaction
is maximized definitely it is worth to pay given your budget. Lastly, opportunity cost, it is
the first lesson that we must inculcate in our minds that since we have limited
resources. We must know to budget and limits the thing we buy.