Culture Bound

In: Philosophy and Psychology

Submitted By merc
Words 3289
Pages 14
Note 1: For best reading quality, read in the print preview mode. This is necessary to read some embedded objects like formulas and some graphs as well as showing the best foramatting.

Note 2: for non-honors students. The material and the order of the material may vary somewhat from that presented in the regular sequence.

CHAPTER 1: CIRCULAR FLOW AND GDP

The Circular Flow Model

Our next economic model represents the main participants in the economy and how they interact. The two main sectors of an economy are the households and the producers. Producers make the goods and services and sell them to households, but in order to make the goods and services they first need inputs or the factors of production. There are four factors of production and each receives payment for its participation in production: labor is paid wages, capital is paid interest, land is paid rent and entrepreneurship is paid profit. There are always two directions to the flows in the economy – the money to purchase something is moving in one direction, the good or service being purchased is moving in the opposite direction.

Households sell the four inputs to the production sector and receive payment back. Households then spend most of their income buying the goods and services produced by the production sector; what the households don’t spend they save. The production sector and government access those savings by borrowing in order to finance purchases. In addition both the production sector and government spend part of their income buying goods and services. Foreign businesses, governments and consumers not only inject funds into this economy when they buy from us, but also divert funds from this economy when they sell to us. Money keeps flowing from one sector to another forming the basis of income, spending, production and sales. The circular flow…...

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