Explain the circular flow of national income in open economy
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The circular flow of income or circular flow is a model of the economy in which ... The circular flow analysis is the basis of national accounts and hence of ... (2010) further explained:.
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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. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction.
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