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IGNOU BECC 133 Solved Assignment 2022-23
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Important Note – IGNOU BECC 133 Solved Assignment 2022-2023 Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.
Submission Date :
- 31st March 2033 (if enrolled in the July 2033 Session)
- 30th Sept, 2033 (if enrolled in the January 2033 session).
Answer the following Descriptive Category questions in about 500 words each. Each question carries 20 marks. Word limit does not apply in case of numerical questions in Assignment One.
Answer the following Middle Category questions in about 250 words each. Each question carries 10 marks. Word limit does not apply in case of numerical questions in Assignment Two.
Answer the following Short Category questions in about 100 words each. Each question carries 6 marks in Assignment Three.
Answer all the questions.
1. (a.) Explain Circular flow in four sector model with the help of diagram.
- Circular flow of income refers to an economic model describing the circular movement of money between firms/producers and households. Such a model is also called a two-sector economy, as it only considers two sectors, households and firms.
- Many additional players like the government, national income, and foreign markets are considered in the real world. This drastically increases the complexity, but the result still is a circular flow of income.
- Other models are used to understand the flow of money at the macro-level to overcome such drawbacks of the two-sector economy. These models are a three-sector model of economy and a four-sector model of the economy.
Diagram of the Circular Flow of Income
The flow of money in society can be referred to in the diagram below:
The circular flow of income is an integral concept in economics as it describes the foundation of the transactions that build an economy. However, the basic model of the circular flow of income considers only two sectors – the firms and the households – which is why it is called a two-sector economy model.
Let’s understand the meaning of these terms and the whole concept in simple steps.
- Firms are the producers of goods and services, and therefore, they require various production or societal resources to produce goods and services.
- The factors of production are land, labor, building, stock, stationery, etc.
- Households provide the resources or factors of production. For example, a household provides land and labor to carry out business operations in exchange for the money paid in rent, wages, etc.
- So, the money flows from the firms to the household in rent, wages, etc.
- The households utilize wages and rent to purchase certain goods and services to fulfill their needs and wants.
- When the households pay for these goods and services, the money flows back to the firms, completing the circular movement of money.
We can take the example of a Nutella factory to explain the circular flow of income.
- Here, the Nutella factory is the firm that is the producer of jars of Nutella spread. Some of the factors of production include cocoa beans, land for housing the factory, the building, and laborers for carrying out the production process.
- The household that has rented out its land to establish the factory will enjoy monetary compensation or rent in exchange. Simultaneously, the labor will be compensated with wages in exchange for their hard work to produce jars of the chocolate spread.
- The logistics team will be paid further for delivering the Nutella jars to stores and e-commerce warehouses.
- The household will purchase the Nutella jar utilizing the money it earned as wages or rent.
- When households pay for the Nutella jars, the money will reach the factory owners, completing the money’s circular flow.
It is important to note that the economy runs on several thriving circular money movements. The above example is simplistic.
For a macro-level understanding, the two-sector model is not sufficient as many complex factors are not considered to explain the flow of income and expenditure. The factors include national income, the role of the government, and foreign trade. The three or four sector economy models respectively look at such issues.
Furthermore, the circular flow of income caters to the need to include complexities of income and expenditure. The circular flow of income helps calculate per capita income, GDP, and other macroeconomic factors integral to formulating national and international economic policies.
Also, the liquidity may vary over a period, i.e., the volume of money circulating in the economy may change depending on the economy’s state. So, if it is in recession, the volume will decrease due to a decrease in national income. In contrast, it will increase in a boom due to the increased national income. We can understand these complexities by learning about the circular flow of income in the 2, 3, and 4 sector economic models, respectively.
(b) Explain Production possibility curve with the help of diagram.
As we know in the present day scenario, wants and desires of human beings have become unlimited and resources to fulfill those desires are limited.
Therefore, entrepreneurs need to select the most desirable goods that can be produced with available resources and technology.
On the other hand, if the resources had been available in unlimited quantities, then some of the sources would have left unutilized.
An economy has fixed population, resources, techniques of production, and raw materials. Therefore, it is necessary to decide upon the optimum utilization of resources to produce various goods. Production possibility curve provides an overview of the maximum output of a good that can be produced in an economy by using available resources with respect to quantities of other goods produced.
In other words, production possibility curve can be defined as a graph that represents different combinations of quantities of two goods that can be produced by an economy under the condition of limited available resources. It is also known as production possibility frontier or transformation curve.
The goods and resources plotted on the production possibilities curve are considered as technically efficient, while the goods and resources that are lying beneath the curve are regarded as inefficient. The goods and services that lie beyond the curve are beyond the scope of economy. In the production possibility curve, only two goods are taken into account as a large number of goods cannot be represented on a two-dimensional graph.
Let us understand the concept of production possibility curve with the help of an example.
Suppose an organization produces two goods A and B.
Table-1 shows different combinations of A and B produced by an organization:
In Table-1, it can be seen that when A has the quantity of 6000, then B has not been producer at all. Similarly, when the quantity of B reached 20 000 then the quantity of A is zero. This is because all the resources are utilized in manufacturing one good. However, these are the extreme cases. In between these cases, there are several points where A and B both are manufactured simultaneously.
Now, we can plot this table on a graph to obtain production possibility curve, which is shown in Figure-1:
In Figure-1, the production possibility point’s g and h are attainable combinations, whereas c and e are unattainable combinations. Production possibility schedule can also be termed as production transformation schedule.
The rate at which a product is transformed into another product by sacrificing the amount of one product for the other is called marginal rate of transformation. For example, in case of A and B, the amount of B that is sacrificed to produce A is termed a marginal rate of transformation. Due to this transformation, the curve of production possibility is concave in nature.
Production possibility curve not only provides solutions for production problems, such as what to produce and how to produce, but can be used for various purposes.
Some of its uses are as follows:
i. Enables the planning authority of a developed nation to divert the usage of its resources for the production of necessary goods to the production of luxury goods and from consumer goods to producer’s goods, after a certain point of time.
ii. Helps a democratic nation to focus and shift a major amount of resources in the production of public sector goods instead of private sector goods. The public sector goods are supplied and financed by government, such as public utilities, free education, and medical facilities. These goods are free or involve a negligible cost. On the other hand, private sector goods are manufactured by privately owned organizations and are purchased by individuals at a certain price.
iii. Helps in guiding the movement of resources from producer goods to capital goods, such as machines, which, in turn, increases the productive resources of a country for achieving a high production level.
2. (a.) Explain how Expenditure method is different from income method in estimation of National Income
(b) Calculate GDPMP
3. Discuss the salient features of Classical theory. How is it different from Keynesian
4. Explain the following:
a. Investment multiplier
b. Balance of Trade
c. Hot money
d. Gross Domestic Product and Gross National Product
5. a. Explain Keynesian theory of demand for money.
b. Derive liquidity preference curve.
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6. Explain various tools of monetary policy.
7. The aggregate income increases from 40 lakh to 200 lakh, as a result of an increase in investment of 16 lakh. What will be the values of MPC and MPS?
8. What are the measures of Money supply in India?
9. Define the term ‘invisibles’ in the Balance of Payments account. Give two examples of invisibles.
10. How does the Balanced budget multiplier work?
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IGNOU BECC 133 Solved Assignment 2022-2023 Download Free Before attempting the assignment, please read the following instructions carefully.
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