Circular Flow of Income Model

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By GraciousToucan

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5 Questions

In the circular flow of income model, what do the flows of money and goods exchanged in a closed circuit correspond to?

Who developed and visualized the concept of circular flow in the so-called Tableau économique?

What are the major exchanges represented as in the circular flow of income model?

What is the basis of national accounts and macroeconomics according to the text?

What are individuals providing that enables businesses to produce goods and services in the circular flow model?

Description

Test your knowledge about the circular flow of income model, which represents the flows of money, goods, and services between economic agents in an economy. Understand the basis of national accounts and macroeconomics.

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