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The circular flow diagram is a representation of the organization of the economy Decisions are made by households and firms Households and Firms interact in the markets for goods and services where households are buyers and firms are sellers and the markets for factors of production where households are the sellers and firms are the buyers The outer set of arrows shows the flow of dollars and the inner set of arrows shows the corresponding flow of inputs and outputs cars computers

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UMaine ECO 120 - Notes

School: University of Maine
Course: Eco 120- Principles of Microeconomics
Pages: 4
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