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Description
Flashcards by Alex Naylor, updated more than 1 year ago
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Created by Alex Naylor
about 8 years ago
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| Question | Answer |
| When is an economy in equilibrium? | Rate of injections = Rate of withdrawals |
| What is a trade surplus | When a country's exports > the value of imports. This is a net injection into the circular flow. |
| What is a trade deficit? | When a country's exports < the value of imports. This is a net leakage from the circular flow. |
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