Search results
Results from the WOW.Com Content Network
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction.
The model is best viewed as a circular flow between national income, output, consumption, and factor payments. Savings, taxes, and imports are "leaked" out of the main flow, reducing the money available in the rest of the economy. Imported goods are one way this may happen, transferring money earned in the country to another one. [1]
The concept of circular flow land use management can be described with the slogan “reduce – recycle – avoid”. To create sustainable land uses, actions have to be supported to find new innovative ways to “reduce” the consumption of land by new development “recycle” or put back into use abandoned and derelict sites, and “avoid” future land use decisions that are not sustainable.
The words with arrows coming in and out represent variables, or quantities whose value changes over time and the links represent a causal relationship between the two variables (i.e., they do not represent a material flow).
The Circular Flow published by Paul Samuelson in 1944 and the supply and demand curves published by William S. Jevons in 1862 are canonical examples of neoclassical economic models. Focused on the observable money flows in a given administrative unit and describing preferences mathematically, these models ignore the environments in which these ...
Circular flow of income; Control flow diagram, a diagram to describe the control flow of a business process, process or program; Cumulative flow diagram, a tool used in queuing theory; Functional flow block diagram, in systems engineering; Data flow diagram, a graphical representation of the flow of data through an information system
A circular economy (also referred to as circularity or CE) [1] is a model of resource production and consumption in any economy that involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products for as long as possible.
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.