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Circular Flow of Economics
Title: Circular Flow of Economics
Category: Literature / English
Details: Words: 1123 | Pages: 4.8 (approximately 235 words/page)
Circular Flow of Economics
The circular flow model is defined as the flow of resources from households to firms and of products to firms from households. These flows are accompanied by reverse flows of money from firms to households and from households to firms. The circular flow is comprised of the resource market, households, product market, businesses, and the government.
Macroeconomics - The study of the aggregate (total) Behavior of the whole economy.
Macroeconomics Aggregates:
- Unemployment rate: Percent of people …showed first 75 words of 1123 total…
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…showed last 75 words of 1123 total…of production, which they obtain from households through the factor markets in exchange for factor payments. They use factors to produce goods and services, which are sold to households and the government sector through the goods and services markets. The revenue from these sales goes to households as factor payments or to the government as taxes. The government sector purchases output from firms through the goods and services markets, financing these purchases by tax collections.
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