Why the flow of
Concept introduction:
The circular flow of goods and services: It is a type of circular flow in which households and firms interact in the markets for goods and services (where households are buyers and firms are sellers) and in the markets for the factors of production (where firms are buyers and households).
Gross domestic product: It is the money value of all final goods and services produced with in the country given an accounting year.
Gross domestic income: It is the total income received by all the factors of production in a state within a given year.
Want to see the full answer?
Check out a sample textbook solutionChapter 8 Solutions
Economics Today: The Macro View, Student Value Edition Plus MyLab Economics with Pearson eText --Access Card Package (18th Edition)
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education