a) Circular flow of income

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4 Terms

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  • define the circular flow of income

  • the directions of money flow between households and firms in an economy

<ul><li><p>the directions of money flow between households and firms in an economy</p></li></ul><p></p>
2
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  • explain the circular flow of income

  • households own the factors of production

    • they supply land, labour, capital, and enterprise to firms

    • they receive rent for land, wages for labour, interest for capital, and profit for enterprise

  • firms purchase the factors of production from households

    • they produce and supply goods and services to households

    • they receive revenue from household expenditure on these goods and services

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