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What is the circular flow of income and product?

Asked by Topperlearning User 15th April 2016, 2:30 PM
Answered by Expert
Answer:

The circular flow of income has the following aspects:

i. Real flow of income implies the flow of factor services from the household to the firm

ii. Flow of income across different sectors always implies the identity between payments and receipts

Answered by Expert 15th April 2016, 4:30 PM
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