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Novosadov [1.4K]
2 years ago
7

5. Think of a good or service you have recently bought. Using the circular flow model as a guide, write an explanation

History
1 answer:
Dennis_Churaev [7]2 years ago
5 0

An economic model that depicts how money moves across the economy is the circular flow model. Businesses need resources to generate the goods and services that households and households buy.

What is economy?

The mechanism through which a nation or region organizes its money, industry, and trade is concerned to as its “economy.”

The most popular version of this model displays the circular flow  of revenue between the consumer and business sectors. The product market and the resource market are placed between the two.

Consumer spending is the mechanism through which households' money flows to the market for goods and services when they are in need of them. The product market purchases goods and services from companies and sells them to households, making a profit.

As a result, in the circular flow of the economy, money is utilised to purchase goods and services.

Learn more about on circular flow model, here:

brainly.com/question/11324259

#SPJ1

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<em>John Locke's idea of the social contract had a great influence over the Founding Fathers of America, the separation of powers, the idea that all men are created equal and the preamble of the Constitution </em>show a big influence of John Locke towards the United States form of government.

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According to John Locke, a government is necessary to protect freedom from individuals, because if there were no government, no one could protect their natural rights from others. Therefor, government can only exist if the people it serves supports its existence, t<u>his is the basic principle of the social contract philosophy of John Locke</u>.

Locke argued that for a government to be legit, the citizens must be willing to delegate rights, such as laws, taxes and the use of violence when needed, so the government can secure their natural rights. <em>Locke also influenced the Founding Fathers with the idea of a limited government with separation of powers </em>to control that the government would limit only to protect those alienable rights and wouldn't become a tyranny. John Locke stated that if a government fails to serve it's purpose, people have the natural right to replace the government.

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