Explain how the Circular Flow Model for a Market-Oriented
Explain how the Circular Flow Model for a Market-Oriented System?
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A. There are two groups of decision makers in private economy (no government yet):
1. Households
2. Businesses.
The market system coordinates these decisions. Circular flow model illustrates this complex web of decision-making and economic activity that give rise to the real and money flows.
Transaction costs to ultimate consumers are reduced if: (w) consumers travel long distances to buy directly from manufacturers quite than buying the goods at local retail stores. (x) intermediaries generate income while conveying goods from manufactur
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