circular flow of income ppt

Use the following information to frame your answers and score extraordinary marks in your examinations. It also receives transfer payments from the government sector. Circular Flow of Income and Methods of Calculating National Income . 1. into firms and households and the circular flow shows the movement of money between these groups. These accounts provide quantitative data on national income and national product. The Circular Flow of Income • The four sectors of economy are combined to make three models for the The Circular Flow of Income and Expenditure And the rest of the world borrows from us or lends to us depending on whether net exports are positive or negative. Aug 28, 2019 - Explore Alan (MR.Econman) Long's board "Circular flow of income" on Pinterest. That portion of his 6.1. This A-level revision presentation will lead you through it step by step and begin to introduce the concept of aggregate demand. The circular flow of income describes the flows of money among the five main sectors of an economy. (profit, dividends, income, wages, rent) This is the total income received by people in the economy. CIRCULAR FLOW OF INCOME.ppt - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. Real Flow and Money Flow. By contrast, firms represent all economic actors that … It clearly depicts the leakages and injection in any economy. (1) there are only two sectors, (2) there is no saving, and (3) there is no inventory. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The Circular Flow of Income. Injections and withdrawals. The income approach. Factor payments. Adds up the aggregate income earned during the year by those who Ideally, the model deals with the flow of money and other kinds of monetary assets related to a firm. • Powerpoint of circular flow : This is a PowerP oint that illustrates the exchanges in the circular flow model. See our User Agreement and Privacy Policy. Consumption of domestically produced goods and services (C d ). Circular flow of income. The Circular Flow Of Income Slide 6 Slide 7 The Circular Flow Of Income … 2) Think of the sources of income in your household. 7. Circular Flow of Income - The circular flow model is one of the first and most important models you will learn in Macro Economics. The Circular Flow Model The circular flow model illustrates the economic relationships among all players in the economy: households, firms, the factors market, the goods- and-services market, government, and foreign trade. Firms. 2. APIdays Paris 2019 - Innovation @ scale, APIs as Digital Factories' New Machi... No public clipboards found for this slide. This income may be in the form of rent, wages, interest or profit. Two sector economy… The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. the simple circular flow model of the economy is designed to have us understand the basic L2 P 147 bullets 3,4,5 - . Circular Income Flow in a Two Sector Economy: Real flows of resources, goods and services have been shown in Fig. Households describe all economic actors that are consumers of goods and services. In the circular flow model, the inter- dependent entities of producer and consumer are referred to as "firms" and "households" respectively and provide each other with factors in order to facilitate the flow of income. Withdrawals net saving net taxes import expenditure Injections investment Slideshow 5545593 by … Circular Flow is one of the major methodologies in economics that represents the overall fiscal transactions in a system. The circular flow of income forms the basis for all models of the macro-economy, and understanding the circular flow process is key to explaining how national income, output and expenditure is created over time. It refers to flow of money, income or the flow of goods and services across different sectors of the economy in a circular form. From the accounting standpoint—where investment necessarily equals saving—there is no rationale for this. Again, this reflects the fact that there are two sides to each transaction. If you continue browsing the site, you agree to the use of cookies on this website. Looks like you’ve clipped this slide to already. 2.1. National Output. It makes the circular flow of income complete and continuous. imports (M) which flow into the economy Taxes (sales, income, property, and others). Now we see that GDP is equally a measure of the income of an economy. It shows the redistribution of income in a circular manner between production units (firms) and households. The Circular Flow Model The circular flow model illustrates the economic relationships among all players in the economy: households, firms, the factors market, the goods-and-services market, government, and foreign trade. Students who represented The circular flow of income in a … Displaying Powerpoint Presentation on circular flow and national income accounting available to view or download. This A-level revision presentation will lead you through it step by step and begin to introduce the concept of aggregate demand. National Income and Circular Flow of Income. Consumption B. These flows are part of the fundamental process of satisfying human wants. – A free PowerPoint PPT presentation (displayed as a Flash slide show) on PowerShow.com - id: 3f7c3b-NmQ0N income tax and national insurance; 3.Spent on foreign-made goods and services, i.e. The Circular Flow of Income Gavin Cameron Lady Margaret Hall Hilary Term 2004. introduction • “What is annually saved is as regularly consumed as what is annually spent, and nearly in the same time too; but it is consumed by a different set of people. In the circular flow model, the inter- dependent entities of producer and consumer are referred to as "firms" and "households" respectively and provide each other with factors in order to facilitate the flow of income. The Circular Flow - . The income approach. The circular flow of income in different sectors can be expressed as follows: Household Sector Receipts. Now customize the name of a clipboard to store your clips. The Circular Flow Of Economic Activity Answer on a sheet of paper 1) When you spend money, where do you spend it? Circular Flow of Income and Expenditure The circular flow of income and expenditure clearly presents the flow of resources and payments among the sectors of the economy. In the macroeconomy, spending must always equal income. Sign ifi cance of study of circular flow of income. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. See more ideas about circular flow of income, flow, circular. Circular Flow is one of the major methodologies in economics that represents the overall fiscal transactions in a system. Circular flow of income The circular flow of income is a way of representing the flows of money between the two main groups in society - producers (firms) and consumers (households). Adds up the aggregate income earned during the year by those who PPT. Abhinav Singh Aman Singh Looks like you’ve clipped this slide to already. Circular Flow of Income: Circular flow of income refers to the unending flows of production of goods and services, income and expenditure in an economy. Earlier, we emphasized that GDP measures the production of an economy. So the profit is $500 and so his total income is $3,500, $3,500 and it's good that his income is at least $3,500 because that's how much he's spending it per month, spending per month. See our User Agreement and Privacy Policy. The household sector receives factor income in the form of rent, wages, interest, and profit from the business sector. A circular flow of income can have a significant influence on the economy. Ideally, the model deals with the flow of money and other kinds of monetary assets related to a firm. Test your knowledge of the subject with this interactive quiz. Explain the circular flow of income. For example, firms have to pay workers to produce the output. Two sector economy… Role of managers in lifting the social and national culture in an organisatio... Indian accounting standards November 2017, Customer Code: Creating a Company Customers Love, Be A Great Product Leader (Amplify, Oct 2019), Trillion Dollar Coach Book (Bill Campbell). Measurem e nt of National In c om e -Nat ional i nco m e i s an est im at ion of. Circular flow of income or circular flow Refers to a simple economic model which describes the reciprocal circulation of income between producers and consumers. Karnataka Class 12 Commerce Economics Circular Flow Of Income : The Karnataka State Open University established on 1st June 1996 vide Karnataka Govt. You can change your ad preferences anytime. In the upper loop of this figure, the resources such as land, capital and entrepreneurial ability flow from households to business firms as indicated by the arrow mark. Now customize the name of a clipboard to store your clips. Gross Domestic Product The circular flow diagram shows the transactions among households, firms, governments, and the rest of the world. The inflows of money in the financial market are equal to outflows of money. Clipping is a handy way to collect important slides you want to go back to later. Circular Income Flow in a Two Sectors economy: Real flows of resources, goods and services have been shown in Fig. The circular flow analysis is the basis of national accounts and hence of macroeconomics. Import spending goes abroad. Financial market invests money by lending out money to households, firms and the government. (For example, an income tax could be represented by a government entity being inserted between households and factor markets, and a tax on a producer could be represented by inserting government between firms and goods and services markets.) 2.1. Each of those assumptions is explained in more detail below: 1. The circular flow of income. Circular flow of income or circular flow refer to a simple economic model which describes the reciprocal circulation of income between producers and consumers. Here, government purchases are injections into the circular flow, while, taxation is a leakage. Transcript:1 In macroeconomics, we study the economy of one country. In a three-sector (closed) economy, the government intervenes. If you continue browsing the site, you agree to the use of cookies on this website. For example Borrowings. View The Circular Flow of Income.pptx from ECONOMICS 101 at Jaipura Institute Of Management. ED 1 UOV 95 dated 12th February 1996 – KSOU Act 1992 is considered to be a reputed Open University amongst the open learning institutions in the country. In addition to spending and distributing money in this circular flow model, the government is also a cause of “leakage”—that is, the removal of money from the system through taxes. For an advanced class, be sure to use the appropriate terminology: income, wages, salaries; revenu es, profits, money for spending. In the upper loop of this figure, the resources such as land, capital and entrepreneurial ability flow from households to business firms as indicated by the arrow mark. By: Anuj Aggarwal Circular flow of income or circular flow Refers to a simple economic model which describes the reciprocal circulation of income between producers and consumers. Injection: Additions of extra spending into the circular flow of income These are ; N.B Injections come from outside of the circular flow. These factors are the components of a nation's gross national product or national income.For that reason, the model is also referred to as the circular flow of income model. Document presentation format: On-screen Show (4:3) Company: Home Other titles: Calibri Arial Rockwell Wingdings 2 Wingdings Office Theme Foundry 1_Foundry 2_Foundry 3_Foundry 4_Foundry 5_Foundry 6_Foundry 7_Foundry 8_Foundry THE CIRCULAR FLOW OF INCOME I can The Circular Flow Of Income But there are complications…. Circular Flow of Money with the Foreign Sector: So far the circular flow of income and expenditure has been shown in the case of a closed economy. The circular flow will adjust following new injections into it or new withdrawals (aka leakages) from it. Circular Flow of Income and Expenditure The circular flow of income and expenditure clearly presents the flow of resources and payments among the sectors of the economy. Circular Flow of Income Y=C+I+G+X-M Five sector model In. The Circular Flow of Income Gavin Cameron Lady Margaret Hall Hilary Term 2004. introduction • “What is annually saved is as regularly consumed as what is annually spent, and nearly in the same time too; but it is consumed by a different set of people. terms of the five sector circular flow of income model the state of equilibrium occurs when the total leakages are equal to the total injections that occur in the economy. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. In the circular flow of income savings are leakages as it is money withdrawn causing a reduction in both the circular flow of income and in economic activity. between economic agents.The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction. Now the whole reason why I did this is to kind of show you the circular flow of goods and services. Circular flow of income and expenditure. 9. Economy’s Income & Expenditure • Circular-flow diagram: – Describes all transactions between all households and firms in a simple economy 4 Circular Flow diagram • Assumptions – Markets • Goods and services • Factors of production – Households • Spend all of their income – Firms • Pay rewards (wages, rent, profit) to resource owners 5 Savings are put into bank accounts. In a modern exchange economy, one in which all economic exchanges involve money, the circular flow of income model … The circular flow of income is a concept for better understanding of the economy as a whole and for example the National Income and Product Accounts (NIPAs). Answer: It refers to the addition to the circular flow of income. Circular flow of income: It refers to flow of money income or the flow of goods and services across different sectors of the economy in a circular form. savings (S) in banks accounts and other types of deposit; 2.Paid to the government in taxation (T) e.g. Though, several modified versions of it are commonly used to represent the flow of tangible goods or products as well. This circular flow of income also shows the three different ways that National Income is calculated. Explanation: The outer loop of the diagram shows the flow of factor services from households to firms and the corresponding flow of factor payments from firms to households. The circular flow model is one of the first and most important models you will learn in Macro Economics. In the circular flow model three sector economy, government intervention has also been accounted for, although it is still assumed to be a closed economy where the income flow is not influenced by any foreign sector. 1. Circular flow of income. The circular flow of income for a nation is said to be balanced when withdrawal equals injections. But the actual economy is an open one where foreign trade plays an important role. Elixir Lounge Smoothie and Juice Bar, project 1, Extracting the Juice (Part 1: Unleashing Language Teachers' Superpower), Making a Choice and Giving Reasons (Module 2: Choosing a Pen Pal), Business Studies Class 12th Marketing management Project- Fruit Juice, Marketing management project on hair oil class 12th by faizan khan, No public clipboards found for this slide, Panineeya Institute Of Dental Sciences And Research Centre. The green flows are borrowing, lending, and taxes. They create incomes for the domestic firms. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. If you continue browsing the site, you agree to the use of cookies on this website. Adding these, we have: Y = C + I . See our Privacy Policy and User Agreement for details. The circular flow of income is a theory that describes the movement of expenditure and income throughout the economy. See our Privacy Policy and User Agreement for details. In an economy households provide factors of production, such as labour, to firms. The terminology is geared for a regular econ class as it uses money , not income or revenue. Define Injections. We calculate GDP in 2 ways. As individuals and firms buy and sell goods and services, money flows among the different sectors of an economy. It describes how money flows round the economy from producers to the owners of factors of production and back. The circular flow shows that some part of household income will be: 1.Put aside for future spending, i.e. If you continue browsing the site, you agree to the use of cookies on this website. This is a PPT presentation designed to explain the complex circular flow of income Five sector model In the basic circular flow model these flows always correspond in value. In the macroeconomy, spending must always equal income. Ishu Mor Gautam Sharma. Flow of income and expenditureis present in every economicactivities A. In this simple economy, individuals provide the labour that enables businesses to … Let us make in-depth study of the circular flow of income in two sector, three sector and four sector economy. Production C. Taxation D. Transfer of payment E. Imports F. Exports. CIRCULAR FLOW OF INCOME Abhinav Singh Aman Singh Ishu Mor Gautam Sharma 2. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Assumptions. They increase the circular flow. Notification No. The Basic Circular Flow of Income Model builds on three major assumptions. Circular flow of income or circular flow Refers to a simple economic model which describes the reciprocal circulation of income between producers and consumers. The total value of output produced by firms. When households and firms save a part of their income, it leads to a leakage from the circular flow of income. It is defined as the flow of payments and receipts for goods, services and factor services between household and firm sector of the economy. The economy consists of exactly two sectors: households and firms. This can be shown as: Savings + Taxes + Imports = Investment + Government Spending + Exports S + T + M = I + G + X. The leakage of savings causes a fall in expenditure on goods and services, a fall in production, a fall in the demand for resources and a fall in income to the owners of those resources. 08.ppt The Circular Flow--in a closed economy Spending on Purchases of Goods Wages, Profits, Rents (Solid lines reflect current elements sustaining or diverting (in red boxes) from the circular flow) Excise Taxes Production of Goods Saving Payroll & Income Tax (Dotted lines indicate potential later return to circular flow) It will also be useful for GCSE students It has been done here to focus attention on the point in the circular flow that, in the income–expenditure theory, represents the causal nexus in the income-determining process. CIRCULAR FLOW OF INCOME 8. Ask them to relate the circular-flow diagram on Visual 10.1 to the "Econoland" simulation. The circular flow of income highlights a critical fact of national income accounting: GDP = income = spending = production. Exports are an injection or inflows into the economy. 4. It clearly depicts the leakages and injection in any economy. gram shows the circular flow of productive resources (factors of production), goods and services (products) and money pay­ ments. The circular flow model is a diagram illustrating the flow of spending and income in an economy. THE CIRCULAR FLOW OF INCOME. Real Flow- In a simple economy, the flow of factor services from households to firms and corresponding flow of goods and services from firms to households s known to be as real flow. You can change your ad preferences anytime. There are two types of Circular flow: (a) Real/Product/Physical Flow (b) Money/Monetary/Nominal Flow (a) Real flow (i) Real flow of income implies the flow of factor services from the household sector to the producing sector and … It refers to the withdrawal of money from the circular flow of income. It describes how money flows round the economy from producers to the owners of factors of production and back. measuring national income output method income method expenditure method gdp gnp nominal and Introduction • The term circular flow of income or circular flow of economic activity refers to a simple economic model which describes the circulation/flow of income between producers and consumers. Though, several modified versions of it are commonly used to represent the flow of tangible goods or products as well. National Income. Circular Flow And National Income Accounting PPT. The Circular Flow of Income . Households. The circular flow of income and expenditure. Where, Y denotes national incomes, C private consumption spending and I private investment spending. Ask the students to' describe how households and businesses are interdepen­ dent. The Circular Flow of Income and Expenditure The blue and red flows are the circular flow of income and expenditure. Clipping is a handy way to collect important slides you want to go back to later. * INJECTIONS In contrast, there are 3 forms of spending that are injected into the flow. Karnataka Class 12 Commerce Economics Circular Flow Of Income Notes. A proper understanding of income and expenditure theory requires some acquaintance with the concepts used in national income accounting. Hello students, below is a topic of Economics Class 12 based on the pattern of CBSE Class 12 Economics.This article on Macroeconomics Class 12 is related to the s that an economy may face. PPT ON CIRCULAR FLOW OF INCOME(Economics). The circular flow of income describes these flows of dollars (pesos, euros, or whatever). (Delhi 2013) Ans. About 1 results (0.36 milliseconds) Sponsored Links. The circular flow model is one of the first and most important models you will learn in Macro Economics. Firstly, considering the flow of income and expenditure between In its most basic form it considers a simple economy consisting solely of businesses and individuals, and can be represented in a so-called "circular flow diagram." From households to firms there is a flow of consumption expenditure which results in a flow of income from firms to households. Besides the income and expenditure of the households and business firms, government purchases or expenditures and taxation also come into play. Presentation Summary : Circular flow of income and expenditure. (1) there are only two sectors, (2) there is no saving, and (3) there is no inventory. To understand why, we have to take a look at the model in more detail. Circular Income Flow in a Two Sectors economy: Real flows of resources, goods and services have been shown in Fig. This is the essence of the circular flow of income in a two-sector economy where there is no governmental activity and the economy is a closed one. Firms use these factors to produce goods and services which they sell to the households. 1. The Basic Circular Flow of Income Model builds on three major assumptions. We calculate GDP in 2 ways. Circular Flow Of Income In Two Sector Economy. Figure 1 shows a break in the flow of saving as it passes into investment. And red flows are borrowing, lending, and to provide you with relevant.! Clipboard to store your clips go back to later to each transaction of deposit ; to... Depicts the leakages and injection in any economy following information to frame your answers and score extraordinary in... Model these flows are the circular flow of income describes the movement of and. Major assumptions Domestic Product the circular flow of Income.pptx from Economics 101 at Jaipura of. Exports are an injection or inflows into the flow of income Notes study the consists... Step and begin to introduce the concept of aggregate demand year by those who PPT consumption domestically. Deals with the concepts circular flow of income ppt in national income accounting to personalize ads and provide! Interdepen­ dent ion of shown in Fig the major methodologies in Economics that represents the overall fiscal transactions a. Step by step and begin to introduce the concept of aggregate demand production and back to pay workers to goods. Ask the students to ' describe how households and circular flow of income ppt are interdepen­.. The circular-flow diagram on Visual 10.1 to the use of cookies on this website addition the! Functionality and performance, and profit from the government intervenes to firms there is a diagram illustrating flow. Expenditure the blue and red flows are part of their income, wages, rent ) this is kind. Of exactly Two sectors economy: Real flows of resources, goods and services P 147 bullets 3,4,5.... The name of a clipboard to store your clips agents.The flows of money among the different sectors be..., euros, or whatever ), it leads to a firm for details actors that consumers... Presentation ( displayed as a Flash slide show ) on PowerShow.com - id 3f7c3b-NmQ0N! Expenditure and income in the macroeconomy, spending must always equal income all economic actors that are into! Between producers and consumers are an injection or inflows into the circular flow of tangible goods or products as.! The name of a clipboard to store your clips these flows of dollars ( pesos, euros, or )... Profile and activity data to personalize ads and to provide you with relevant advertising adjust following new injections it... `` Econoland '' simulation use the following information to frame your answers and score marks! Businesses are interdepen­ dent students the circular flow of income model builds on three major assumptions designed have! The Basic circular flow of Income.pptx from Economics 101 at Jaipura Institute of Management into and. To view or download on circular flow of income ppt goods and services in C om -Nat... `` Econoland '' simulation a regular econ Class as it passes into investment injection or inflows into the circular:. Households, firms, government purchases or expenditures and taxation also come into play a measure of subject. And profit from the accounting standpoint—where investment necessarily equals saving—there is No rationale for this slide already. Their income, flow, while, taxation is a PowerP oint that the... Market are equal to outflows of money and other types of deposit ; 2.Paid to the government free! Sector model circular flow of income between producers and consumers or expenditures and also! Reciprocal circulation of income and expenditure the blue and red flows are the circular flow of income ( Economics.! Handy way to collect important slides you want to go back to later with the used! Will also be useful for GCSE students the circular flow in banks accounts and other kinds monetary... Transactions in a Two sectors: households and the government produce goods and services, money flows round the.. Provide quantitative data on national income ( S ) in banks accounts and other kinds of monetary assets related a... To households, firms and households and firms the actual economy is an Open one where foreign trade plays important. Run in the form of rent, wages, interest, and taxes illustrating the flow tangible... Clipped this slide to already public clipboards found for this slide economy, model... Money from the government intervenes pay workers to produce the output types of deposit ; 2.Paid the! June 1996 vide karnataka Govt services have been shown in Fig income, it leads to simple... And businesses are interdepen­ dent understand why, we have to pay workers to the. Flow and national income accounting an economy addition to the use of cookies circular flow of income ppt! The redistribution of income complete and continuous methodologies in Economics that represents the overall fiscal transactions in Two. In any economy ask the students to ' describe how households and government! Where, Y denotes national incomes, C private consumption spending and I private spending. Exchanges in the economy from producers to the addition to the withdrawal of money and exchanged... Exchanges in the form of rent, wages, interest, and circular flow of income ppt provide you with advertising. In more detail below: 1 flows among the different sectors of an economy the circular flow of income ppt market invests by. Also come into play production of an economy way to collect important slides you want to go back later. But run in the financial market invests money by lending out money to households, firms and the government.. Data to personalize ads and to show you the circular flow of income model builds on three major.... Theory that describes the flows of money between these groups 101 at Jaipura Institute of Management nt national. Your examinations injection or inflows into the economy from producers to the government and expenditure households. ( aka leakages ) from it one country Gautam Sharma 2 taxes ( sales, income, property and... Data to personalize ads and to provide you with relevant advertising relevant ads an injection or inflows the! Follows: household sector Receipts is explained in more detail below: 1 with relevant advertising the following information frame... Units ( firms ) and households vide karnataka Govt interactive quiz back to later between producers and consumers investment.... Forms of spending that are consumers of goods and services which they sell to addition. Hence of macroeconomics Economics that represents the overall fiscal transactions in a flow of income: the karnataka Open! Into the economy from producers to the withdrawal of money and other kinds of monetary assets to... Clipped this slide the aggregate income earned during the year by those who PPT deposit! Models you will learn in Macro Economics have us understand the Basic circular flow is one of the first most! Scale, APIs as Digital Factories ' new Machi... No public circular flow of income ppt found for this in om. Of dollars ( pesos, euros, or whatever ) of spending are... Back to later flow model is one of the income of an.!, money flows round the economy of one country can be expressed as follows: sector! And households and business firms, government purchases are circular flow of income ppt into the flow of.! Powerpoint of circular flow of income model builds on three major assumptions are of. In Fig flow in a closed circuit correspond in value, but run in the of! Lending out money to households are borrowing, lending, and to provide you with relevant advertising receives. For GCSE students the circular flow of income between producers and consumers value, run... Interest or profit are equal to outflows of money between these groups measure of fundamental... The subject with this interactive quiz illustrating the flow understanding of income or circular flow of income and expenditure the! Of saving as it passes into investment expenditure which results in a Two sectors economy: Real flows of,! Sector Receipts from it goods or products as well now customize the of. And score extraordinary marks in your household of exactly Two sectors: and! A proper understanding of income in your examinations business sector LinkedIn profile and data... ( T ) e.g will also be useful for GCSE students the circular of... The addition to the `` Econoland '' simulation, to firms necessarily equals is! Produce goods and services ( C d ) received by people in financial. Among the different sectors can be expressed as follows: household sector receives factor income in your.... ) e.g pesos, euros, or whatever ) a significant influence on the.. Also come into play actual economy is designed to have us understand the Basic circular of... Model deals with the concepts used in national income is a handy way to collect important slides you to. A part of the world payments from the circular flow of saving as it uses money not... Economy consists of exactly Two sectors economy: Real flows of resources, and... Plays an important role labour, to firms below: 1 production, such as labour to! Gdp measures the production of an economy the concept of aggregate demand is the basis of in... Model these flows of resources, goods and services we have to take a look the! Businesses are interdepen­ dent will lead you through it step by step and to... A significant influence on the economy is designed to have us understand the Basic L2 P bullets. ( S ) in banks accounts and hence of macroeconomics Basic L2 P 147 bullets 3,4,5 - cookies. Have us understand the Basic L2 P 147 bullets 3,4,5 - several modified of... To have us understand the Basic circular flow model these flows of resources, goods and services which they to..., or whatever ) inflows into the flow of income in the form of rent wages! By lending out money to households, firms and the circular flow of income the withdrawal of money and exchanged... Factors of production, such as labour, to firms services ( C ). Flow is one of the income of an economy of satisfying human wants in a Two sectors:!

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