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List down four assumptions of the circular flow of income in a two sector economy
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Aug 12, 2021
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Business Studies Form 3
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anony mous
List down four assumptions of the circular flow of income in a two sector economy
national income
the circular flow of income
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Aug 12, 2021
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anony mous
There are only two sectors in the economy i.e firms of households
Households spend all their incomes in buying goods and services
Firms spend all their incomes paying for factors of production
There’s no government intervention
There is no foreign trade/closed economy
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