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Figure 32-3
Refer to the following diagram of the open-economy macroeconomic model to answer the questions that follow.
Graph (a)
Graph (b)
Graph (c)
-Refer to Figure 32-3. National saving is represented by the
Sales Contract
A legal agreement between a buyer and a seller detailing the terms and conditions of a sale of goods or services.
Equitable Exchange
A transaction in which goods, services, or assets are traded based on fairness and balance in value.
Irrevocable Oral Promise
A spoken commitment that cannot be canceled or revoked, legally binding under specific circumstances.
Legally Binding
Referring to an agreement or contract that is enforceable by law, obligating the parties involved to fulfill their respective parts of the agreement.
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