The circular-flow diagram offers a simple way of organizing the economic transactions that occur between households and firms in the economy. The two loops of the circular-flow diagram are distinct but related. The inner loop represents the flows of inputs and outputs. The households sell the use of their labor, land, and capital to the firms in the markets for the factors of production. The firms then use these factors to produce goods and services, which in turn are sold to households in the markets for goods...
Greg MankiwRelated topics
capital diagram economy goods inner labor land loop organizing produce production sell sold simple turn use way servicesRelated quotes
It seems to me that this is theoretically right, for whatever the question under discussion - whether religious, philosophical, political, or economic; whether it concerns prosperity, morality, equality, right, justice, progress, responsibility, cooperation, property, labor, trade, capital, wages, taxes, population, finance, or government - at whatever point on the scientific horizon I begin my researches, I invariably reach this one conclusion: The solution to the problems of human relationships is to be found in liberty.
Frédéric Bastiat
We all know India has a huge competitive advantage -- we have the largest arable land, focused sunshine, sensible utilisation of water in 30% of land. The question is what should we do to make the US market -- the most difficult market in the world -- accept our produce. For that, we need traceability. It is a simple technology, which we are giving the farmers. It needs certification and verification processes -- to us it is like a process plant. You can then get the output, sort it and grade it.
Mukesh Ambani
Dumping is the exporting to this country of goods from a foreign land under the cost-beneath the price at which they are sold in their own country. There could be only one object in doing that, and that is to make war upon a particular industry in our country. That is unfair. ... In the interests of fairness, as well as in the interests of British industry as a whole, the Government have decided to submit to Parliament proposals which will effectively deal with dumping in the sense in which I have defined it.
David Lloyd George
Today, having come far in our own historical journey, we must decide. Will we turn back, or finish well? Before history is written down in books, it is written in courage. Like Americans before us, we will show that courage and we will finish well. We will lead freedom's advance. We will compete and excel in the global economy. We will renew the defining moral commitments of this land, and so we move forward, optimistic about our country, faithful to its cause, and confident of victories to come.
George W. Bush
As economic libertarians, these people believe that markets should be free, formed by the rational actions of rational agents - who need only to be provided with perfect information about goods and services in order to build a stable economy. As technological utopians, they believe that everything will be for the best in the best of all possible worlds, if technology is modelled on the American dream and the American way. And as opinion formers, they claim no formal power base, operating instead by linking exhaustively to one another.
Bill Thompson
