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1. The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green)

1. The economy's income and expenditure

The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs.

image text in transcribed
Markets for Goods and Services Firms Households Markets for Factors of ProductionMarkets for Goods and Services Firms Households Markets for Factors of Production

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