Circular flow of income main component

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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

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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

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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.

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