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ECS1601 UNIT1

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ECS1601 - Economics IB (ECS1601)
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STUDY UNIT 1

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ECS 1601
Study Unit 1
Major Flows

SPI
Spending, Production, Income

Stock Flow
count at a time over a period
still picture moving picture
measure at particular point measured over a period
wealth income
assets profit
population investments
capital production


Circular flows




Goods and services flow clockwise
Income and spending flow anti-clockwise




Three economic questions

What
Whom
How

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