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The circular flow model examines interactions between which two groups?
households and firms
households and consumers
firms and producers
firms and government
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households and firms
The basic circular-flow model shows how households supply factors of production (labor, land, capital) to firms and receive income, while firms produce goods and services that households buy.
The basic circular-flow model shows how households supply factors of production (labor, land, capital) to firms and receive income, while firms produce goods and services that households buy.
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