Explain the Sequence of Events That Occurs in the Economy

question 44

Essay

Explain the sequence of events that occurs in the economy once total production (TP)is less than total expenditure (TE).

---

Definitions:

Liable

Responsible by law; legally answerable for one's actions or inactions.

Personally

Refers to something done by a person directly, without the involvement of anyone else or any intermediaries.

Proper Indorsement

A legally acceptable signature or annotation on a document, such as a check, that authorizes its transfer or acceptance.

Dishonor

The refusal or inability to pay a debt when due, or the failure of a financial instrument, like a check, to be accepted or paid on presentation.