IGNOU EEC 11 2017 2018 - Explain how production flow, income flow and expenditure flow in an ec

Question

Explain how production flow, income flow and expenditure flow in an economy are related to each other?

01 Feb 2018

Answer :

Word Count : 192

Production of goods and services is the result of the combined effort of the factors of production - labour, land, capital and entrepreneurship. As we know, firms undertake production. In the process of production, output is generated. By selling this output firms receive income. The income generated in production units, from the production process, is distributed among the factors of production as rent, wages, interest and profit. Income in the hands of the factors of production gives

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