Examlex
Evolution is:
Circular-Flow Diagram
A diagram that represents the transactions in an economy by two kinds of flows around a circle: flows of physical things such as goods or labor in one direction and flows of money to pay for these physical things in the opposite direction.
Output
In economics, output refers to the total amount of goods or services produced by a firm or country.
Factor of Production
An input used in the production of goods and services, such as land, labor, capital, and entrepreneurship.
Machines
Mechanical or electronic devices that perform tasks, often complex, without human intervention.
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