[Solved] In the simple circular flow model of the economy, total expenditures on goods and services equal total household income. Elderly Women: Female individuals of advanced age, typically considered to be those who are 65 years old or older. Sexually Explicit Films: Movies that display sexual content, including sexual acts, nudity, and erotic themes, intended for adult audiences. College: An institution of higher learning that offers undergraduate and potentially graduate degrees in various fields. Formal Operational Thinking: A stage in Jean Piaget's theory of cognitive development where individuals develop the ability to think about abstract concepts and logically test hypotheses.