February 12, 2017
Circular Flow Model- "The circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction."- Definition based off Wikipedia
From class: It represents the transactions in an economy by flows around a circle
Household - a person or a group of people that share an income
Business firm- organization that produces goods and services for sale
IF SOME MATERIAL THAT WASN'T COVERED DURING THE NOTES, THE LINK BELOW SHOULD BE A STRONG TOOL TO FIX THE LACK OF INFORMATION IN THE NOTES
No comments:
Post a Comment