Examlex
Using the simple circular flow model, explain why the sum of income earned in an economy equals the sum of spending in the economy.
Economy
A system of production, distribution, and consumption of goods and services among a group of people.
Opportunity Cost
The detriment of not pursuing the second-top option when engaging in decision-making.
Manufacturing
The process of using machines, tools, and labor to produce goods for use or sale.
Export
Goods or services sold by a country to buyers in another country.
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