What is an economy ? Explain an economy as a system of circular flows?
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An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents. ... Economic activity is spurred by production which uses natural resources, labor, and capital
The circular flow of income or circular flowis a model of the economy in which the major exchanges are represented as flowsof 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.
The circular flow of income or circular flowis a model of the economy in which the major exchanges are represented as flowsof 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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Hola mate..!!
•The circular flow of income or circular flowis a model of the economy in which the major exchanges are represented as flowsof 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.
Thanks...!!
•The circular flow of income or circular flowis a model of the economy in which the major exchanges are represented as flowsof 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.
Thanks...!!
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