Economics Ecs1601

ECONOMICS 1B {ECS 1601} INTERDEPENDENCE OF THE MAJOR SECTORS, MARKET AND FLOWS IN A MIXED ECONOMY Last document update:   ago

ECONOMICS 1B {ECS 1601} INTERDEPENDENCE OF THE MAJOR SECTORS, MARKET AND FLOWS IN A MIXED ECONOMY  Production is not pursued for its own benefit, the ultimate aim is to use or consume the products to satisfy human wants.  Production creates income and this income is then spent to purchase products.  This process contains 3 major elements are:  Production  Income  Spending.  One problem is how the income is distributed among the various participants in the economy...