In 2008, shared spaces were discussed in a segment on Newsnight titled âThe Case Against Traffic Lightsâ. In 2011, the Department of Transport released a special local transport note on shared space, posing it as a challenge to the idea that segregating cars and pedestrians always improves safety.
Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market. The circular flow diagram relates to the current economic situation since it shows the ways our different markets affect each other. There are two markets, the Resource market and the Product market. âThis model provides an overview of the central concerns of both macroeconomics and microeconomics.
Households use the payments they receive from the use of their resources to purchases goods and services that businesses produce. The provision and purchase of goods and services takes place in the product market. In the center ring is the flow of resources and goods and services, while the outer ring is where the monetary transactions take place. In this simple circular flow diagram, we see the basic flows and workings of a market economy.