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Describe the circular flow of income …

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Describe the circular flow of income in a two sector economy (without financial market )

Posted by Pratha Jain 4 years, 5 months ago

CBSE > Class 12 > Economics

2 answers

Bhawna Jha 4 years, 5 months ago

Conclusion of circular flow in a simple economy Total production of goods and Services is equal to total consumption of services by the by the households. Factor Payments by firm is equal to factor incomes of household. Consumption expenditure by household is equals to factor income of household. Real flow in the firm of factor services and final goods and services is equal to money flow between firms and households

Bhawna Jha 4 years, 5 months ago

The circular flow of income in two sector is based on assumptions - Household uses its whole income on consumption and provides all its factors of production to the firms and firms sold the total goods produced

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