After studying this module, you should be able to:
• define paper airplane models.
• draw, label, and explain a circular-flow diagram.
• illustrate opportunity costs using a production possibilities frontier (PPF) diagram.
• illustrate unemployment using a PPF diagram.
• illustrate full employment using a PPF diagram.
• illustrate production inefficiencies using a PPF diagram.
• illustrate the effect of changes in resources or technology on a PPF.
• illustrate the benefits of specialization and trade using a PPF diagram.
Joseph Schumpeter's Business Cycles
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Business Cycles
The link above takes you to a pdf file of Joseph Schumpeter's book.
14 years ago
Still it’s very complicated for me. I hope there is an easier way to figure out an economic model. I can guess that American economic model is based on credit cards, loans and dreams of living a better life than you can afford. Many people apply to companies like Same Day Loans Payday to make end meet while we still have a huge national debt and as I can see on your site, its clock is ticking.
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