NATIONAL INCOME CH 1
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Chapter 1: Circular Flow of Income
Sectors in Economy
Sectors:
Household
Helps in production
Consumption
Firm
Production of goods & services
Distribution of income & goods & services
Government
Law masking
, Implement actions
ROW (Rest of the World)
Exports (X)
Imports (M)
Factors of Production
H (Household) provides:
Land (Rent)
Labour (Wages/Salary)
Capital (Interest)
Enterprise (Profit)
These are used by Firms.
Circular Flow of Income in 2 Sector Economy
Consumption Exp.
H → F: Factor services (L, L, K, E)
F → H: Factor Income (Wages, Interest, Profit)
F → H: Goods & Services
Sure, please upload the file or image you'd like me to convert into PDF text.
Once I have it, I'll extract and format the text for you.
Chapter 1: Circular Flow of Income
Sectors in Economy
Sectors:
Household
Helps in production
Consumption
Firm
Production of goods & services
Distribution of income & goods & services
Government
Law masking
, Implement actions
ROW (Rest of the World)
Exports (X)
Imports (M)
Factors of Production
H (Household) provides:
Land (Rent)
Labour (Wages/Salary)
Capital (Interest)
Enterprise (Profit)
These are used by Firms.
Circular Flow of Income in 2 Sector Economy
Consumption Exp.
H → F: Factor services (L, L, K, E)
F → H: Factor Income (Wages, Interest, Profit)
F → H: Goods & Services
