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In a three sector circular flow model the three sectors are
- a)Government and financial system & firm
- b)Firm and government & abroad
- c)Firm and household & government
- d)Government and household & financial system
Correct answer is option 'C'. Can you explain this answer?
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In a three sector circular flow model the three sectors area)Governmen...
B)Households and firms
c)International sector or rest of the world
c)International sector or rest of the world
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In a three sector circular flow model the three sectors area)Governmen...
The three-sector model adds the government sector to the two-sector model. Thus, the three-sector model includes (1) households, (2) firms, and (3) government. It excludes the financial sector and the foreign sector. The government sector consists of the economic activities of local, state and federal governments. Flows from households and firms to government are in the form of taxes. The income the government receives flows to firms and households in the form of subsidies, transfers, and purchases of goods and services. Every payment has a corresponding receipt; that is, every flow of money has a corresponding flow of goods in the opposite direction. As a result, the aggregate expenditure of the economy is identical to its aggregate income, making a circular flow.
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In a three sector circular flow model the three sectors area)Government and financial system & firmb)Firm and government & abroadc)Firm and household & governmentd)Government and household & financial systemCorrect answer is option 'C'. Can you explain this answer?
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