Explains the inner and outer flows of a closed system.Explains the inner and outer flows of an open...

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Explains the inner and outer flows of a closed system. Explains the inner and outer flows of an open system Provide 1 page solution.
The circular flow of income implies that income/money/goods and services flow between different economic agents in an economy in the form of exchange of goods and services or in terms of money. The two forms are equivalent as money is treated as a medium of exchange only. This flow is described in terms of interaction between two types of economic agents—households and firms.  The former provide their services in terms of labour, capital and land in return for the final goods and services that firms produce. The households provides their own service as labour,

Explains the inner and outer flows of a closed system. Explains the inner and outer flows of an open system ask a similar question»

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