Question

Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories"

Answer 1

Explanation:

Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories. ... The circular flow diagram of economic activity is a model of the: flow of goods, services, and payments between households and firms.

Answer 2

Answer:

flow of goods, services and payments between households and firms.