In the generation phase of circular flow of income a. income received by factors of production is spent on the goods and services b. factor income flow from firm to household c. firm produce goods and services d. house holds supply factor services
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First Phase means the period of time commencing on the Effective Date and ending on the date that is the earlier of (a) the date on which the Company is eligible to use Form S-3 to effect a Registration of shares of New Common Stock and (b) the fifteen (15) month anniversary of the Effective Date.
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