Question

IN paragraph form, please trace the following scenario through the model. Describe the possible outcomes in...

IN paragraph form, please trace the following scenario through the model. Describe the possible outcomes in the economy. You may graph and label a circular flow model (our version) and/or provide an abbreviated expression if it helps. Households decrease the amount of imports from trading partners abroad.

Homework Answers

Answer #1

The imported products have lower price than the locally produced product..It shows a huge difference in quality and quantity....this only increases the import from abroad..If this situation has to be changed then The quality from households should be in a standard level and in a lower price.This will surely decrease the amount of imports from trading partners abroad.This is the sample graphical representation of the current situation

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