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nyah95 nyah95
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Figure 1-10 shows the circular flow of income.

Short description: The cyclic diagram shows four blocks: empty block (top), firms (producers), empty block (bottom), and individuals (consumers). Long description: An arrow labelled payments from the block at the top points to firms. An arrow labelled payments from firms points to the block at the bottom. An arrow labelled payments from the block at the bottom points to individuals. An arrow labelled payments from individuals point to the block at the top. An arrow labelled A from the block at the top points to individuals. An arrow labelled B from individuals points to the block at the bottom. An arrow labelled B from the block at the bottom points to firms. An arrow labelled A from firms points to the block at the top.

FIGURE 1-10

Refer to Figure 1-10. In the circular flow of income, flow (A) represents ________; flow (B) represents ________.



▸ Payments for factor services; Factor services

▸ Factor services; Goods and services

▸ Goods and services; Factor services

▸ Exports; Imports

▸ Goods and services; Payments for goods and services
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Microeconomics

Microeconomics


Edition: 17th
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carolyne254carolyne254
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