Question

what is the type of economy depicted in a circular flow?

Answer 1

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ȯ The circular flow of income is a neoclassical economic model depicting how money flows through the economy. In its simplest version, the economy is modeled as consisting only of households and firms. Money flows to workers in the form of wages, and money flows back to firms in exchange for products

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Answer 2

The circular flow of income is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. ... This model can be depicted in a circular-flow diagram.

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