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14 cards from this deck
Money flows out of the circular flow of income
Money flows into the circular flow of income
Total level of economic activity in an economy in a given period
Firms and households
Factors of production (land, labour, capital, entrepreneurship)
Income (wages, rent, interest, profits)
Spend on goods and services produced by firms
Savings, taxes, import expenditure
Investment expenditure, govt expenditure, export expenditure
Output, Income, Expenditure
Total value of goods and services produced
Total sum of income received (wages, rent, interest, profit)
Total sum of all expenditures made by individuals
Output = income = expenditure (all give same answer)
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