Circular flow diagram

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Circular flow diagram is a diagram that illustrates the economy as consisting of households and firms interacting in a goods and services market, a labor market, and a financial capital market.


Definitions

According to Principles of Economics by Timothy Taylor (3rd edition),

Circular flow diagram. A diagram that illustrates the economy as consisting of households and firms interacting in a goods and services market, a labor market, and a financial capital market.
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