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In the circular flow model, households supply resources such as labour services in the product market.
Cycle Closing
The process of finalizing all transactions within a billing cycle for financial accounts.
Simple Interest
Interest calculated only on the principal amount of a loan or investment, rather than on previously earned interest.
Monthly Basis
pertaining to or calculated over the period of one month.
Amortized Loan
A loan with scheduled periodic payments that consist of both principal and interest, designed to pay off the debt by the end of the term.
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