Define and explain a closed system and provides an example


Assignment:

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.

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Microeconomics: Define and explain a closed system and provides an example
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