Elucidating the underlying circumstances to study economics, circular flow model and six goals of the economy on macroeconomic level.
1. Describe in your own arrangement of words, the underlying circumstances, conditions, or problem that gives rise to a study of economics. Define the meaning of the word economics and discuss in a short essay the various approaches and systems of ecnomics that have been used in the past, are tried now, and may be tried in the future.
2. Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
3. a. State and explain briefly six goals of the economy on the macroeconomic level.
b. State and explain briefly the goal of consumers as assumed by economists perspective.
c. State and explain briefly the goals of business firms as assumed by economists in the microeconomic perspective