Notes of chapter circulation flow of …
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Meghna Thapar 5 years, 5 months ago
The circular flow of income. A model which illustrates the flow of goods, services, resources ad income between the different sectors of the economy. The circular flow of income is a way of representing the flows of money between the two main groups in society - producers (firms) and consumers (households). ... On the scale of the whole economy, this is known as national income - the total amount of income earned over a given time period. The circular flow of income represents money moving through the economy. It shows how households purchase goods and services from firms by using the income they earned from firms by working for them. Firms use factors such as capital, labor, and land from households so they can produce the goods households purchase.
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