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How money changes hands!. In the Circular Flow Model there are 2 groups: Households (the people) ...
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Transcript of How money changes hands!. In the Circular Flow Model there are 2 groups: Households (the people) ...
![Page 1: How money changes hands!. In the Circular Flow Model there are 2 groups: Households (the people) Firms (companies and businesses)](https://reader035.fdocuments.net/reader035/viewer/2022062516/56649d815503460f94a6617b/html5/thumbnails/1.jpg)
How money changes hands!
![Page 2: How money changes hands!. In the Circular Flow Model there are 2 groups: Households (the people) Firms (companies and businesses)](https://reader035.fdocuments.net/reader035/viewer/2022062516/56649d815503460f94a6617b/html5/thumbnails/2.jpg)
In the Circular Flow Model there are 2 groups:Households (the people)Firms (companies and businesses)
![Page 3: How money changes hands!. In the Circular Flow Model there are 2 groups: Households (the people) Firms (companies and businesses)](https://reader035.fdocuments.net/reader035/viewer/2022062516/56649d815503460f94a6617b/html5/thumbnails/3.jpg)
Households need goods and services so they give their money to the firms.
Firms then give the goods and services to the households.
![Page 4: How money changes hands!. In the Circular Flow Model there are 2 groups: Households (the people) Firms (companies and businesses)](https://reader035.fdocuments.net/reader035/viewer/2022062516/56649d815503460f94a6617b/html5/thumbnails/4.jpg)
Household
Firms
Money given to
firms
Goods and
services given to househol
ds
![Page 5: How money changes hands!. In the Circular Flow Model there are 2 groups: Households (the people) Firms (companies and businesses)](https://reader035.fdocuments.net/reader035/viewer/2022062516/56649d815503460f94a6617b/html5/thumbnails/5.jpg)
Resources that firms need include labor, capital and land.
These are supplied by the households in exchange for their salary or wages!
![Page 6: How money changes hands!. In the Circular Flow Model there are 2 groups: Households (the people) Firms (companies and businesses)](https://reader035.fdocuments.net/reader035/viewer/2022062516/56649d815503460f94a6617b/html5/thumbnails/6.jpg)
Household
FirmsMoney
given to househol
ds
Resources given to firms
![Page 7: How money changes hands!. In the Circular Flow Model there are 2 groups: Households (the people) Firms (companies and businesses)](https://reader035.fdocuments.net/reader035/viewer/2022062516/56649d815503460f94a6617b/html5/thumbnails/7.jpg)
Household
Firm
Money given to
firms
Goods and
services given to househol
ds
Money given to househol
ds
Resources given to firms