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here we go time to explain micro and macroeconomics to you we'll start off with the 20 feet called a circular flow this is something you learned in class you probably don't even remember it but this explains everything you're going to learn in microeconomics it helps you a lot but you're going to stand in macroeconomics here it is there's only three entities in the economy that's it we're talking about a free market system assuming you know what that is free market systems there's businesses there's individuals you and me and then there's a government that's it three entities that's all what you get that perfect now there are two different things there's the product market in the resource market the product market we're going to start take what a business is do businesses make stuff businesses make stuff and they sell in what's called the product market and good stuff is called goods and services goods and services they sell in the product market right the part market isn't a place it...