Circular flow diagram
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Circular flow diagram is a diagram that illustrates the economy as consisting of households and firms interacting in a goods and services market, a labor market, and a financial capital market.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition)
- Circular flow diagram. A diagram that illustrates the economy as consisting of households and firms interacting in a goods and services market, a labor market, and a financial capital market.
Related concepts
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Related lectures
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