The interaction of individuals and firms in a market can be described as a - money, goods and services and resources through product and factor markets.
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It is referred to as circular flow.
- Individuals and companies engage in a circular loop because they acquire things from product markets and pay the firms.
- Individuals offer labour to corporations through factor markets, and firms pay them salaries in exchange.
- As a result, the flow is circular.
- The model's main goal is to explain how money circulates throughout an economy.
- It distinguishes between markets for goods and services and markets for elements of production in which these individuals participate.
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