Briefly describe the concepts related to the economic cycle
Description: Economic Cycle
The economic circular flow model of the economy is a simplified representation of how
the economy works and the relationship between income, production and spending in
the economy as a whole. .,
Closed economy: The foreign sector is excluded.
Participants: Households; Business sector; Government;
Open economy: An economic cycle model that includes the foreign sector.
Participants in the economic circular flow: Households; Business sector; Government;_
Foreign sector
Description: Economic Cycle
The economic circular flow model of the economy is a simplified representation of how
the economy works and the relationship between income, production and spending in
the economy as a whole. .,
Closed economy: The foreign sector is excluded.
Participants: Households; Business sector; Government;
Open economy: An economic cycle model that includes the foreign sector.
Participants in the economic circular flow: Households; Business sector; Government;_
Foreign sector
