Question

Explain the circular flow of income.

Answer 1

The circular flow of income is a neoclassical economic model depicting how money flows through the economy. In its simplest version, the economy is modeled as consisting only of households and firms. Moneyflows to workers in the form of wages, and money flows back to firms in exchange for products...
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Answer 2

The circular flow of income is a neoclassical economic model depicting how money flows through the economy. In its simplest version, the economy is modeled as consisting only of households and firms. Moneyflows to workers in the form of wages, and money flows back to firms in exchange for products.