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1. evaluate the role economics plays in policy decisions at the federal, state, and the local...

1. evaluate the role economics plays in policy decisions at the federal, state, and the local levels.

2. assess the influence of economic theories and events on business and household decision making.

discuss the circular flow model of economic activity.

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Answer #1

1. The federal system serving the entire nation and the construction of highways and public education is the responsibility of individual state governments and police and fire protection is the responsibility of local government. Government responses to economic conditions and make decisions based on multiple strategies.

2. The circular flow model shows where money goes and what exchanged for. The model includes households, businesses and governments. People in households buy goods and services from businesses also sell their labour and capital in exchange for income. Busineses sells goods and services to earn income and profits and also expended in the form of paying wages, interest Expenses etc.

Government levies tax on households and business income and provide benefits based on such income.

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