"The circular flow diagram occurs in virtually all modern introductory economics textbooks as a way of explaining flows of income between firms and households and their measurement in the national accounts."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Mark Blaug, ‎P. J. Lloyd (2010). Famous Figures and Diagrams in Economics. p. 221
https://en.wikiquote.org/wiki/Circular_flow_of_income
Revision History
No revisions have been submitted for this quote.
Categories
Circular flow of income
15 quotes on TrueQuotesView all quotes by Circular flow of income →
Related Quotes
"If the society toward which we are developing is not to be a nightmare of exhaustion, we must use the interlude of th…"
"Knight is the first to use the circular- flow diagram as a means of explaining the way in which the interaction of in…"
"Knight’s wheel of wealth emphasizes the circular flow of income in the economy as money is exchanged for factor servi…"
"The daily expenditures by consumers for new consumers' goods, upon which business stability largely depends, are dete…"
"The circular-flow diagram is a visual model of the economy. The circular flow of income is coordinated by four key ma…"
"[We may view the] economic organization as a system of prize relations. Seen in the large, free enterprise is an orga…"
"Fiscal, monetary, and growth policies are used by the government to maintain a healthy economy. We will look at their…"
"The circular-flow diagram offers a simple way of organizing the economic transactions that occur between households a…"
"In this model (circular-flow diagram), the economy is simplified to include only two types of decision makers—firms a…"
"The circular-flow diagram a visual model of the economy that shows how dollars flow through markets among households …"