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Circular flow
In a market economy, firms make the goods. Households buy the goods.
households
In a free market economy, firms purchase factors of production such as labor, from households.
oligopoly
Circular flow
in a market economy, firms make the goods. Households buy the goods
In a market economy, firms make the goods. Households buy the goods.
Consider an economy consisting of households and firms which interact in two markets i.e. the goods and services market in which firms sell and households buy; and the labor market in which households sell labor to business firms or other employees. Required: Illustrate the above economy on a diagram
households
In a free market economy, firms purchase factors of production such as labor, from households.
Consider an economy consisting of households and firms which interact in two markets i.e. the goods and services market in which firms sell and households buy; and the labor market in which households sell labor to business firms or other employees. Required: Illustrate the above economy on a diagram
oligopoly
from the household, the income flow which is the purchase of goods and services will become firms. then the income flow from the firms which is the wages, interest and rents will go back to the households.
product market
product market
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