Use the Idea of the Circular Flow Diagram to Explain

question 88

Essay

Use the idea of the circular flow diagram to explain why the value of production equals total income equals total expenditure.

---

Definitions:

Parameters

Variables that are specified in the definition of methods/function, representing the data that needs to be passed into these methods/functions when they are called.

Abstract Method

A method declared in an abstract class that has no implementation and must be overridden by subclasses.

Private Modifier

A keyword in object-oriented programming languages that restricts the visibility of a class member, making it accessible only within the same class.

Concrete Class

A class in object-oriented programming that can be instantiated, as opposed to an abstract class, and provides implementations for all its methods.