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Circular Flow of Income Model Quiz

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What is the circular flow of income model?

The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents.

Who developed and visualized the concept of the circular flow?

François Quesnay

What is the significance of the circular flow analysis?

It is the basis of national accounts and macroeconomics.

What were some important developments related to the circular flow concept?

<p>Karl Marx's reproduction schemes in the second volume of Capital: Critique of Political Economy and John Maynard Keynes' General Theory of Employment, Interest and Money.</p> Signup and view all the answers