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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.
A key strand of free market economic thinking is that the market's invisible hand guides an economy to prosperity more efficiently than central planning using an economic model. One reason, emphasized by Friedrich Hayek , is the claim that many of the true forces shaping the economy can never be captured in a single plan.
A simple flowchart representing a process for dealing with a non-functioning lamp. A flowchart is a type of diagram that represents a workflow or process . A flowchart can also be defined as a diagrammatic representation of an algorithm , a step-by-step approach to solving a task.
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 macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
The laminar flow through a pipe of uniform (circular) cross-section is known as Hagen–Poiseuille flow. The equations governing the Hagen–Poiseuille flow can be derived directly from the Navier–Stokes momentum equations in 3D cylindrical coordinates ( r , θ , x ) by making the following set of assumptions:
Data flow diagram with data storage, data flows, function and interface. A data-flow diagram is a way of representing a flow of data through a process or a system (usually an information system). The DFD also provides information about the outputs and inputs of each entity and the process itself.
The problem of potential compressible flow over circular cylinder was first studied by O. Janzen in 1913 [4] and by Lord Rayleigh in 1916 [5] with small compressibility effects. Here, the small parameter is the square of the Mach number M 2 = U 2 / c 2 ≪ 1 {\displaystyle \mathrm {M} ^{2}=U^{2}/c^{2}\ll 1} , where c is the speed of sound .