Instructions: Identify the Terms and Briefly State Their Historical Significance

question 138

Essay

Instructions: Identify the terms and briefly state their historical significance.
Ghana

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Definitions:

Circular-Flow Diagram

An economic model that illustrates how money moves through society and the economy, from households to businesses and then back again.

Economy

An organized system of production, distribution, and consumption of goods and services within a geographical area.

Circular-Flow Diagram

A model that illustrates the movement of goods and services and money between households and businesses in the economy.

Markets

Places or systems in which parties engage in the exchange of goods, services, or information, driven by supply and demand.