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What is the role for consumers and producers in a free market system?

A circular flow model


What are the elements of a queuing system?

The elements of a queuing systems are the population of customers, the arrival flow, the queue, the service and the output flow. The system is a closed loop system or a feedback model.


Difference between flow chart and model?

A flow chart is a type of model, but not every model is a flow-chart.


What best demonstrates the way consumers and producers influence each in the free market system?

A circular flow model


Draw a circular flow model of economics?

Draw and explain circular flow model


Why circular flow model characterizes the free market system?

Consumers and producers influence each other in a circular fashion.


Simple circular flow model shows that?

A simple circular flow model shows the flow of goods and services through the economy. It is basically a model that shows supply and demand in an economy.


What is circular flow model for an open economy?

it is a flow that shows the flow of money openly


The circular flow model of a mixed economy shows .?

what does a circular model of a mixed economy show


Why does the free-market system follow a circular flow model?

consumersThe free choices made by consumers and producers influence each other.


Why the free market system follows a circular flow model?

consumersThe free choices made by consumers and producers influence each other.


Why free market system follows a circular flow model?

consumersThe free choices made by consumers and producers influence each other.