Draw the circular flow diagram linking households

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1. Is a family a household? Is a household a family? Why does the value of output always equal the income received by the resources that produced the output? What does it mean if net exports are negative?

2. Draw the circular flow diagram linking households, business firms, and the international sector. Use the diagram to explain the effects of a decision by the household sector to increase saving

Reference no: EM131347370

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