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Macroeconomics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0077332648Macroeconomics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0077332648 Exercise 21
Economists sometimes describe the economy as having a "circular flow." In the most basic form of the circular flow model, companies hire workers and pay them wages. Workers then use these wages to buy goods and services from companies. How does the circular flow model explain the equivalence of the expenditure and income methods of valuing an economy?
Explanation
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Gross domestic product (GDP):
GDP refer...
Macroeconomics 1st Edition by Dean Karlan,Jonathan Morduch
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