Problem
I. The circular flow of income diagram highlights the interactions among the four agents of macroeconomics; with appropriate examples discuss the Withdrawals and injections elements.
II. There are three stages of spending that each income earner must spend his/her income. Explain using appropriate examples the three stages of expenditure.
III. With appropriate examples explain the four main spending groups in the economy.
IV. Explain two disadvantages of using per capita gross domestic product as a measure of national welfare.