In the textbook, there are two circular flow diagrams: One that represents the flows in the macro-economy as a closed system and one that represents the flows as an open system. Review the diagrams and write a two to four page length paper that:
Defines and explains a closed system.
Defines and explains an open system.
Explains the inner and outer flows of a closed system.
Explains the inner and outer flows of an open system.
Defines and explains leakages in an open system.
Defines and explains injections in an open system.
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