Identify and State the Historical Significance of the Following

question 9

Short Answer

Identify and state the historical significance of the following:
-consent of the governed

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Definitions:

Circular Flow Model

An economic model that depicts the movement of goods, services, and money between households and businesses in an economy.

Consumer Expenditures

The total amount spent by consumers in an economy on goods and services.

Government and Households

The sectors of an economy involving government spending and actions, and the consumption and savings patterns of individual households.

Business Firms

Entities involved in commercial, industrial, or professional activities, aimed at generating profits.