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2. The circular-flow model The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the

2. The circular-flow model

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.

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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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