Circular flow of income main component
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Last updated 7:31 PM on 5/14/25
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4 Terms
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National income
the monetary value of the flow of output produced in an economy over a period of time
2
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Households
Own the productive resources of the nation, which they exchange for rent, wages, interest and profit,; they use the income earnt to buy goods and services
3
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Firms
hire the resources ass inputs to use them to produce output; they sell the goods and services produced to households.
4
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