Circular Flow of Income and Products

Concepts

Circular Flow Model
Four Sectors: Households, Businesses, Government, and International
Product Markets
Factor Markets
Leakage
Injection

Overview

“What goes around, comes around.” The circular flow of economic activity is a model that we use to get a “big-picture” view of how an economy works. People provide their labor (and other resources) to businesses in exchange for wages. Businesses provide people with finished products in exchange for their money. The government taxes and spends, while other countries buy and sell products as well. This lesson will bring all these ideas together to help us understand the driving forces of an economy.

Materials

Lecture

Video Coming at Later Date

Quiz

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