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What is Circular Flow of Income in Two-Sector Economy about?
The document discusses the circular flow of income in a simple two-sector economy. It describes the circular flow as the continuous flow of goods, services, and money between two sectors - households and firms. Households supply factors of production to firms and receive income, which they then use to buy goods and services from firms, completing the circular flow. The circular flow involves both a real flow of goods and services and a monetary flow of income between the two sectors.
- Author
- Mayank Mall
- Language
- EN