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ECON 252 Circular Flow Diagram

ECON 252 Circular Flow Diagram - Goods and Services Bought...

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ECON 252 Circular Flow Diagram Circular flow diagram = a visual model of the economy shows how dollars flow through markets among households and firms Markets for Good and Services Markets for Factors of Production Firms Households
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Unformatted text preview: Goods and Services Bought Goods and Services Sold Land, Labor, and Capital Factors of Production Spending Revenue Income Wages, Rent, and Profit Red Arrows = flows of income and payment Green Arrows = flows of goods and services...
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