Question

Explain the circular flow of the income. Explain the role of household, firm and government in circular flow in income

Answer 1

☺⏩the circular flow of the income can also be considered as the income web.this is the interconnection of various income aspects.✔

✏role of household, firm and government in circular flow in income⤵⤵

↘↘household↙↙
it provide the advantage to informa.

↘↘firm↙↙
it provides machinery facility and other necessities.

↘↘government↙↙
sometimes provides pros and sometimes cons.helps in adorable policies.⏪☺

Answer 2

Answer:

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.