1
Q
Circular flow of income
A
An economic model that illustrates how Monet and goods/services flow through an economy
2
Q
Economic agents of the circular flow of income
A
Households, firms, the government and the foreign sector
3
Q
Income
A
Refers to the flow of money received by an individual or household over time, such as wages or interest
4
Q
Wealth
A
The stock of assets owned by a person, including property, stocks, and savings.
