Question: 1. The Circular Flows Model 1. What is the simple circular flows model? Give the definition. What are the other names for this model? Explain

1. The Circular Flows Model 1. What is the simple circular

1. The Circular Flows Model 1. What is the simple circular flows model? Give the definition. What are the other names for this model? Explain why. II. What is the three-sector model? Give the definition. Why is it called the model of the closed economy? III. (a) What is the complete circular flows model? Give the definition. What are the other names for this model? Explain why. (b) Identify two ways of calculating the value of economy's aggregate product according to the circular flows model. Explain why the two methods of calculation must yield the same value of aggregate product. (c) Identify (i) the components of aggregate demand; (ii) the determinants of aggregate supply (1) according to the circular flows model, and (2) according to macroeconomic theory

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