Examlex
Explain the meaning of "provision" and give an example.
Circular-Flow Diagram
The circular-flow diagram is an economic model illustrating the flow of goods and services, income, and payments between households and businesses in an economy.
Simple Economy
An abstract economy with few components, simplifying analysis of economic principles.
Households
The basic economic units consisting of all individuals who live together and make joint decisions on consumption and labor supply.
Firms
Entities that produce goods or provide services, typically with the aim of making a profit.
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