Question
The three basic flows in an economy are:
Production, exchange and spending
Production, spending and consumption
Income, exchange and spending
Production, income and spending
Production, exchange and spending
Production, spending and consumption
Income, exchange and spending
Production, income and spending
Answers
GPT-4o mini
The three basic flows in an economy are: **Production, income, and spending**.
This concept describes how goods and services are produced (production), how income is generated from that production (income), and how that income is spent on goods and services (spending).
This concept describes how goods and services are produced (production), how income is generated from that production (income), and how that income is spent on goods and services (spending).