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