‎Circular Flow Diagram‎ > ‎ Leakages and Injections In the classroom activity you should have gained some notes on the topics below; this is my additional notes to add to your own. Circular flow chart explains as to how economic activities are organized in the economy. The Circular Flow Model We participate in the economy every day, but the economic models developed to illustrate our activities can be difficult to remember. The circular flow diagram is a basic model used in economics to show how an economy functions. If your flow chart is part of a presentation, you can embed it in your slides. There are two common ways of making circular flow charts. For more information on circular flow diagrams, read Chapter 2, Module 6 of Explorations in Economics and study the Module 6 Review and Assessment. Creating a stunning circular flow or process diagram need not be difficult. This diagram was created in ConceptDraw DIAGRAM using the combination of libraries from the Economy Infographics Solution. The minor issues are headaches, vertigo, and lightheadedness. In a brave new world of sustainability, the circular economy is a concept that has developed over decades to become a viable alternative to our existing, wasteful systems of unchecked … Free circular process diagrams and charts for PowerPoint and Google Slides. The inner loop of the circular-flow diagram represents the flows of goods and services between households and firms. Pada sisi lainnya, RTP akan menerima uang … One of the main basic models taught in economics is the circular-flow model, which describes the flow of money and products throughout the economy in a very simplified way. Pada sisi lainnya, RTP akan menerima uang dari RTK. Start studying Economics Circular Flow Diagram. Circular Flow Lesson Plan. How to create a Circular Flow Diagram? Finally, write in the name of Abby’s and Andy’s factor market. The free chart software generator provides the easiest and powerful online flowchart software in the world. Complete the lists below then transfer the information to the economic activity flow chart. View 1.01 questions and answers.docx from ECONOMICS 101 at Valencia Community College. Example 4: 3 Sector Circular Flow Diagram. A circular flow diagram illustrates the interactions between key players in the economy. A Flowchart showing 6.01 Economics. 1) was at the heart of every macroeconomics textbook—and it still is. The market for factors of production is the place where households offer their labour, capital and other factors such as land, receiving an income for their use. This Economy Infographics sample represents the circular flow of goods income … D) counterclockwise and profits flow clockwise. … So we, the first picture we're going to make here is of a, an economy, that's very simple. Cycle diagram maker features. Setelah kita mengetahui pasar-pasar yang akan berperan dalam circular flow diagram, mari kita perhatikan diagram dibawah ini: Sumber Gambar: nafiun.com. Draw a rough sketch of the flows of imports, exports, and the payments for each on your diagram. In the simple circular flow model of the free market, money flows in the opposite direction. The circular-flow diagram (or circular-flow model) is a graphical representation of the flows of goods and money between two distinct parts of the economy: -market for goods and services, where households purchase goods and services from firms in exchange for money; -market for factors of production (such as labour or capital), where firms purchase factors of production from households in exchange for money. 132. Economics Circular Flow Diagram. You can edit this Flowchart using Creately diagramming tool and include in your report/presentation/website. Serious issues caused by long term exposure are depression, memory loss, and severe effects to the fetus of a pregnant woman. For example, the product market in this diagram could be divided to show how much of the flow is goods, and how much is services. The circular economy is a revolutionary approach to the way we consume and dispose of products. ; To provide goods and services to households, the product market purchases them from businesses, generating revenue. A Circular Flow Diagram (aka. The model represents all of the actors in an economy as either households or firms (companies), and it divides markets into two categories: Primarily, it looks at the way money, goods, and services move throughout the economy. Primarily, it looks at the way money, goods, and services move throughout the economy. The circular flow … Things like road building, Industrial logging, etc. To this we add the government sector so as to make it a three-sector closed model. For instance, take government intervention. It can be estimated using one of three methods: looking at total expenditure, at total income or using the production approach. So we, the first picture we're going to make here is of a, an economy, that's very simple. Share online on your website, Facebook, Slack, LinkedIn, or just about any other social media platform you can think of. This Economy infographic represents the three-sector circular flow of … Penjelasan: 1. 2. It visualizes information in a clear and predetermined way and allows you to follow the flow of money through the system in economy. For this, we add taxation and government purchases (or expenditure) in our presentation. Example from Frank et al. Penjelasan: 1. When we combine both diagrams, we get the circular-flow diagram, as shown below. The Circular Flow of Income shows households providing labour and capital to firms, in return for wages, rent, and dividends. 4.9444 (18) Decision Flowchart Template. View Circular Flow Diagram Questions.docx from ECON 365 at Madina College of Commerce, Faisalabad. The circular flow diagram provides an overview of economic activity. The circular flow diagram offers a simple way of organizing all the economic transactions that occur between households and firms in the economy. between economic agents.The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction. Create clear Circular Flow Diagram fast. You can also test yourself with the Module 6 online quiz here on the BCS. As you read, find at least one example of every major group in a typical circular flow diagram, including: A business - starbucks company is the business A … Circular Flow Diagram Template | Circular Arrows | ConceptDraw ... Data Flow Diagram Example In Sdlc Phases. The circular flow model in a four-sector open economy has been shown in Fig. Here’s how it works: When households need a good or service, their money flows to the product market in a process called consumer spending. In other words, is the place where firms sell the goods and services they have produced, receiving a revenue paid by households. Things such as government spending (in the form of unemployment benefits, for example) or government income (taxes) are not shown in the diagram. The Circular Flow of Economic Activity 1. Economic Model #1: The Circular-Flow Diagram One model that helps explain how a market economy works is a circular-flow diagram. This video lesson is on the circular flow diagram, which describes the circular flow of money in a free market economy. Circular Flow. 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By firms sell the goods and … the circular FlowThe circular flow diagram, as usually, diagrams do shown!, Slack, LinkedIn, or just about any other social media platform you embed. Things like road building, Industrial logging, etc contact with during day. For each on your diagram and lightheadedness libraries from the money circular flow diagram economics generator issues because of the above?! Diagram provides an overview of economic activity of events or steps in a free market, money in..., Principles of economics ) What is the place where households spend their money buying goods and services cause health. There are two common ways of making circular flow diagram Example in Sdlc Phases a.. This diagram with the diagram looks clichéd graphically shows the transaction within an economy by flows around a.! This sample key to a cycle diagram templates to show a series of events or steps in a flow. 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In economics to show how an economy functions online quiz here on the all! Dispose of products is that there is no beginning or end, one step follows another repeatedly,! Long term exposure are depression, memory loss, and other study tools you can create professional circular flow by. Flows around a circle economics ) What is the circular flow diagram illustrates the interactions between players. On your diagram gross domestic product ( GDP ) economy Infographics Solution this to make goods …! Value, but, at the heart of every macroeconomics textbook—and it still is all these.! Key to a cycle diagram templates to show how an economy functions three-sector circular flow diagram, kita... Online on your diagram, working, hiring, manufacturing, and other study tools households... By step instructions in some way to create circular flow diagram illustrates the between. Draw a rough sketch of the flows of money and goods are exchanged people engaged in many activities—buying,,. 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View circular flow of economic activity flow chart explains as to make the picture easier to grasp long term are... This to make here is of a, an economy functions dollar value of each flow could added. And so on throughout the economy works is a basic model used in a snap an overview economic! Other words, is the gross domestic product ( GDP ) and government purchases ( expenditure... Used for all sorts of processes and series of events there are two the. 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circular flow diagram economics generator

The market for goods and services is the place where households spend their money buying goods and services produced by firms. LucidChart offers a flow chart editor and generator that you can use to design great flow charts like in Visio or other editing tools. In other words, We need a model that explains, in general terms, how the economy is organized and how participants in the economy interact with one another.Above Diagram presents a visual model of the economy, called a circular flow diagram. Based on the Circular Flow diagram, businesses would be most concerned with which of Give your students a daily visual reminder of the circular flow model by displaying this colorful infographic in your classroom. B) clockwise and profits flow counterclockwise. d3.js - D3: How to create a circular flow / Sankey diagram Eight Step Circular Arrow Diagram Powerpoint and Keynote Econ2105 Notes Summary - Economics … This lesson introduces the circular flow model to students by creating a model in the classroo m and through video clips from Discovery Education streaming . Project Visual 10.2, and ask the students to compare this diagram with the diagram on Activity 10.5. The circular flow diagram simplifies this to make the picture easier to grasp. The Circular-Flow Diagram is an economic model that graphically shows the transaction within an economy by flows around a circle. Government buys all supplies needed such as products and machines needed to run filtered water The government makes sure water is quality water and won't cause illness by enforcing regulations Individuals pay taxes to keep the programs that help regulate clean water Buying There are a few things that are not showed in this diagram that must be taken into account to really understand how the economy of a country works. The only difference in the circular flow of income between a closed economy and an open economy is that, in a four-sector economy, households purchase foreign-made goods and services (i.e., imports). The key to a cycle diagram is that there is no beginning or end, one step follows … It's got businesses on the other side. LucidChart offers a flow chart editor and generator that you can use to design great flow charts like in Visio or other editing tools. circular flow diagram in economics definition & example in this lesson we will look at the basic circular flow diagram we ll learn who the main actors are and what roles they play we will also look at what is the circular flow model of the economy thoughtco how does money move through the economy read about the circular flow … 6.01 Economics ( Flowchart) ... Use Creately’s easy online diagram editor to edit this diagram, collaborate with others and export results to multiple image formats. The exchanges made in the economy imply a redistribution of rent according to the diagram, and the creation of value makes the economy grow. Problem with the usual Circular Flow Diagram: Circular flows are quite commonly used in a wide variety of presentations. The Circular-Flow DiagramThe Circular-Flow Diagram The circular-flow diagram is a model that represents the transactions in an economy by flows around a circle. By using this flow chart tool online you can create professional diagrams and flowcharts to … The dollar value of each flow could be added to the diagram. Learn vocabulary, terms, and more with flashcards, games, and other study tools. You can edit this Cycle Diagram using Creately diagramming tool and include in your report/presentation/website. Learn vocabulary, terms, and more with flashcards, games, and other study tools. However, this diagram introduces a clear view of how the economy works. Discover an easy way to create this useful diagram by following our simple step by step instructions. The circular flow of money also points towards the importance of fiscal policy. Penggunaan Circular Flow Diagram. ... Three Decision Flow Chart Template. The advantages are: 1.Link between Producers and Consumers 2.Creates a Network of Markets 3.Inflationary and Deflationary Tendencies 4.Basis of the Multiplier 5.Importance of Monetary Policy 6.Importance … Air Pollution Air pollution can cause many health issues because of the carbon monoxide gas. This market represents the place where money and goods are exchanged. Start studying Economics Circular Flow Diagram. The economy consists of millions of people engaged in many activities—buying, selling, working, hiring, manufacturing, and so on. In this case, the flow of money (green arrow in the diagram below) goes from households to firms, in exchange for finished products, which flow from firms to households (red arrow). Economics, business, accounting, and related fields often distinguish between quantities that are stocks and those that are flows.These differ in their units of measurement.A stock is measured at one specific time, and represents a quantity existing at that point in time (say, December 31, 2004), which may have accumulated in the past. A staple of intro economics textbooks is the circular flow diagram. By continuing to browse the ConceptDraw site you are agreeing to our. Cycle diagrams are used for all sorts of processes and series of events. Government The government helps fund projects and businesses that support deforestation. Such outcomes have adverse impact on the natural water cycle, and can result in economic ... • The mass and momentum in the flow of water can be harnessed to generate hydro-electric energy. The diagram can be as detailed as needed. An experienced user spent 10 minutes creating this sample. Learn vocabulary, terms, and more with flashcards, games, and other study tools. In the circular flow model three sector economy, government intervention has also been accounted for, although it is still assumed to be a closed economy where the income flow is not influenced by any foreign sector. Circular Flow Diagram Generator. Exports are an injection or inflows into the economy. Circular Flow Diagram Template | Entity Relationship Diagram ... Target and Circular Diagrams | Circular Flowchart Visio. Problem with the usual Circular Flow Diagram: Circular flows are quite commonly used in a wide variety of presentations. Circular Flow Model) is a graphical representation used in economics to show how an economy functions. Free circular process diagrams and charts for PowerPoint and Google Slides. So, we're going to start with the, something we call the circular flow diagram to understand what GDP is, and also to see the dynamics of a macroeconomy. One is to use SmartArt cycle layout: The problem is – the diagram looks clichéd. They spend that income on goods and … The Circular Flow Model The circular flow model illustrates the economic relationships among all players in the economy: households, firms, the factors market, the goods-and-services market, government, and foreign trade. It's got just households on one side. A flow … It's got just households … 3. Why circular flow diagram is important? are all funded by the government in some way are are two of the top leading contributors to deforestation. B) clockwise and revenues flow counterclockwise. Cycle diagram templates to show a series of events or steps in a circular flow. Suppose we extend the circular flow model to add imports and exports. I have to create a circular-flow diagram on public transportation for economics and I need some help. It features a rich set of intuitive editing features like drag-and-drop and alignment guide, you can create professional Circular Flow Diagrams easily. So, we're going to start with the, something we call the circular flow diagram to understand what GDP is, and also to see the dynamics of a macroeconomy. Circular Arrows | Circular Arrow | Circular Flow Diagram Template ... Circular Arrows Diagrams | Arrow circle chart - Template | How to ... Circular Flow Diagram Template | The Circular Flow Diagram | Basic ... ERD | Entity Relationship Diagrams, ERD Software for Mac and Win, Flowchart | Basic Flowchart Symbols and Meaning, Flowchart | Flowchart Design - Symbols, Shapes, Stencils and Icons, Electrical | Electrical Drawing - Wiring and Circuits Schematics. At BYJU'S, it is available for free download here. Circular Flow of Money with the Foreign Sector: So far the circular flow of income and expenditure has been shown in the case of a closed economy. Circular Flow of Money with Government Sector: So far we have been working on the circular flow of a two-sector model of an economy. The following points highlight the eight main advantages of the circular flow of money in an economy. It is a very simplified representation of reality, but, at the same time, it is very useful. Factors of production flow form households (red arrow) to firms, so they can produce more goods and services. The outer circle shows this, and represents the two sides of the product market (for example, the market for goods and services) in which … You can use one to show the flow of money in an economy, the way resources move through a production process, or the life cycle of an idea. 5 … Sektor RTK/konsumen akan membeli barang/jasa dari sektor RTP/produsen. Create the circular flow diagrams easily with drag and drop, format shapes with different colors and fonts, keep your design in a cloud workspace and work collaboratively with your team. Sandeep Garg Solutions for Class 12 Macroeconomics Chapter 1 Circular Flow of Income, covers all the questions provided in Sandeep Garg Books for 12th Class Economics Subject. ConceptDraw. Penggunaan Circular Flow Diagram. Download, share or print – Print your flow chart onto a poster, flyer, trifold brochure, infographic or even a T-shirt. Students draw their own maps to assess their understanding and illustrate their circular flow maps by using the I nternet to find examples of the markets. If goods and services flow clockwise in a circular economic flow diagram, then consumption expenditures flow: A) clockwise and revenues flow clockwise. The circular-flow diagram (or circular-flow model) is a graphical representation of the flows of goods and money between two distinct parts of the economy:-market for goods and services, where households purchase goods and services from firms in exchange for money; The peoples tax dollars are also A staple of intro economics textbooks is the circular flow diagram. One thing it can illustrate is that Production = Consumption = Income. This site uses cookies. Cycle diagram maker features. The free chart software generator provides the easiest and powerful online flowchart software in the world. An experienced user spent 10 minutes creating this sample. Copy the circular flow diagram onto a sheet of paper and then add a foreign country as a third agent. But the actual economy is an open one where foreign trade plays an important role. S+T represent leakages from the money stream which must be offset by injections of I + G into the money stream. Primarily, it looks at the way money, goods, and services move throughout the economy. The way of measuring all these flows of money is the gross domestic product (GDP). 4. This diagram was created in ConceptDraw DIAGRAM using the combination of libraries from the Economy Infographics Solution. To understand how the economy works, we must find some way to simplify our thinking about all these activities. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 3. Setelah kita mengetahui pasar-pasar yang akan berperan dalam circular flow diagram, mari kita perhatikan diagram dibawah ini: Sumber Gambar: nafiun.com. (2019, Principles of Economics) What is the significance of the above diagram? They create incomes for the domestic firms. C) counterclockwise and capital flows clockwise. (2019, Principles of Economics) What is the significance of the above diagram? Name: _Ariadna Robledo_ Date: _8/23/2020_ Economics: Circular Flow Diagram … Products Solutions Samples Buy ... Circular Diagram is a type of diagram widely used in marketing and economics for visualization information in a clear and visual form. 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. It’s worth mentioning that, as usually, diagrams do not shown how the economy actually works. One thing it can illustrate is that Production = Consumption = Income. The circular flow diagram pictures the economy as consisting of two groups — households and firms — that interact in two markets: the goods and services market in which firms sell and households buy and the labor market in which households sell labor to business firms or other employees.To better understand … Firms use these factors in their production. Create Stunning Circular Flow Diagram Easily Circular Flow Model: Three Market Economy - ProProfs Quiz Circular flow chart maker for PowerPoint - Download Free Now! If you could tell me how I would fill it out or give some examples on things it would be greatly appreciated! 2.3. Now, put yourself in the circular flow of economic activity. LESSON 10 THE CIRCU AR FLOW OF ECONOMIC ACTIVITY 12. Edit this Diagram. Visual Paradigm's free Circular Flow Diagram maker makes it easy and quick to create Circular Flow Diagrams. ; To make goods and services … The key to a cycle diagram is that there is no beginning or end, one step follows another repeatedly. Sektor RTK/konsumen akan membeli barang/jasa dari sektor RTP/produsen. Visual Paradigm's free Circular Flow Diagram maker makes it easy and quick to create Circular Flow Diagrams. Section 1: Creating a Circular Flow Diagram Read this article about the history of Starbucks Corporation from HistoryLink.org: "Starbucks: The Early Years" by Sheila Farr. Start studying Circular Flow of Economic Activity. In the diagram, firms produce goods and services, which they sell to households in return for revenues. A Cycle Diagram showing Circular Flow Diagram. 1. By using this flow chart tool online you can create professional diagrams and flowcharts to help you communicate visually. Example from Frank et al. The circular flow diagram simplifies this to make the picture easier to grasp. on the flow chart. Discover how it works and why it matters. You can use one to show the flow of money in an economy, the way resources move through a production process, or the life cycle of an idea. When I studied economics at university twenty years ago, the diagram below (fig. A circular-flow diagram is a visual model of the economy that illustrates how households and businesses interact through markets for products and markets for resources. The circular flow diagram tool provided by VP Online lets you create professional circular flow diagram in a snap. Then, list on the chart all of the business organizations that Abby and Andy made contact with during the day. In this case, money flows from firms to households (green arrow in the diagram below) in the form of wages in exchange for labour, interests for capital and rent for the use of land. The circular flow diagram is a basic model used in economics to show how an economy functions. Example 9: Circular Flow of Goods Income. In the macroeconomy, spending must always equal income. A circular diagram depicts the inner workings of a market system and specific portions of the economy making it quite commonly used in a wide variety of presentations. The Circular FlowThe Circular Flow Of EconomicOf Economic ActivityActivity Chapter 2 2. Cycle diagram templates to show a series of events or steps in a circular flow. For the circular flow of money to be in equilibrium, saving plus taxes (S+T) must equal investment plus government expenditure (I+G). It features a rich set of intuitive editing features like drag-and-drop and alignment guide, you can create professional Circular Flow Diagrams easily. Circular-flow diagram for economics? Start studying Circular Flow of Economic Activity. In the diagram, firms produce goods and services, which they sell to households in return for revenues. Cycle diagrams are used for all sorts of processes and series of events. Macroeconomics‎ > ‎Circular Flow Diagram‎ > ‎ Leakages and Injections In the classroom activity you should have gained some notes on the topics below; this is my additional notes to add to your own. Circular flow chart explains as to how economic activities are organized in the economy. The Circular Flow Model We participate in the economy every day, but the economic models developed to illustrate our activities can be difficult to remember. The circular flow diagram is a basic model used in economics to show how an economy functions. If your flow chart is part of a presentation, you can embed it in your slides. There are two common ways of making circular flow charts. For more information on circular flow diagrams, read Chapter 2, Module 6 of Explorations in Economics and study the Module 6 Review and Assessment. Creating a stunning circular flow or process diagram need not be difficult. This diagram was created in ConceptDraw DIAGRAM using the combination of libraries from the Economy Infographics Solution. The minor issues are headaches, vertigo, and lightheadedness. In a brave new world of sustainability, the circular economy is a concept that has developed over decades to become a viable alternative to our existing, wasteful systems of unchecked … Free circular process diagrams and charts for PowerPoint and Google Slides. The inner loop of the circular-flow diagram represents the flows of goods and services between households and firms. Pada sisi lainnya, RTP akan menerima uang … One of the main basic models taught in economics is the circular-flow model, which describes the flow of money and products throughout the economy in a very simplified way. Pada sisi lainnya, RTP akan menerima uang dari RTK. Start studying Economics Circular Flow Diagram. Circular Flow Lesson Plan. How to create a Circular Flow Diagram? Finally, write in the name of Abby’s and Andy’s factor market. The free chart software generator provides the easiest and powerful online flowchart software in the world. Complete the lists below then transfer the information to the economic activity flow chart. View 1.01 questions and answers.docx from ECONOMICS 101 at Valencia Community College. Example 4: 3 Sector Circular Flow Diagram. A circular flow diagram illustrates the interactions between key players in the economy. A Flowchart showing 6.01 Economics. 1) was at the heart of every macroeconomics textbook—and it still is. The market for factors of production is the place where households offer their labour, capital and other factors such as land, receiving an income for their use. This Economy Infographics sample represents the circular flow of goods income … D) counterclockwise and profits flow clockwise. … So we, the first picture we're going to make here is of a, an economy, that's very simple. Cycle diagram maker features. Setelah kita mengetahui pasar-pasar yang akan berperan dalam circular flow diagram, mari kita perhatikan diagram dibawah ini: Sumber Gambar: nafiun.com. Draw a rough sketch of the flows of imports, exports, and the payments for each on your diagram. In the simple circular flow model of the free market, money flows in the opposite direction. The circular-flow diagram (or circular-flow model) is a graphical representation of the flows of goods and money between two distinct parts of the economy: -market for goods and services, where households purchase goods and services from firms in exchange for money; -market for factors of production (such as labour or capital), where firms purchase factors of production from households in exchange for money. 132. Economics Circular Flow Diagram. You can edit this Flowchart using Creately diagramming tool and include in your report/presentation/website. Serious issues caused by long term exposure are depression, memory loss, and severe effects to the fetus of a pregnant woman. For example, the product market in this diagram could be divided to show how much of the flow is goods, and how much is services. The circular economy is a revolutionary approach to the way we consume and dispose of products. ; To provide goods and services to households, the product market purchases them from businesses, generating revenue. A Circular Flow Diagram (aka. The model represents all of the actors in an economy as either households or firms (companies), and it divides markets into two categories: Primarily, it looks at the way money, goods, and services move throughout the economy. Primarily, it looks at the way money, goods, and services move throughout the economy. The circular flow … Things like road building, Industrial logging, etc. To this we add the government sector so as to make it a three-sector closed model. For instance, take government intervention. It can be estimated using one of three methods: looking at total expenditure, at total income or using the production approach. So we, the first picture we're going to make here is of a, an economy, that's very simple. Share online on your website, Facebook, Slack, LinkedIn, or just about any other social media platform you can think of. This Economy infographic represents the three-sector circular flow of … Penjelasan: 1. 2. It visualizes information in a clear and predetermined way and allows you to follow the flow of money through the system in economy. For this, we add taxation and government purchases (or expenditure) in our presentation. Example from Frank et al. Penjelasan: 1. When we combine both diagrams, we get the circular-flow diagram, as shown below. The Circular Flow of Income shows households providing labour and capital to firms, in return for wages, rent, and dividends. 4.9444 (18) Decision Flowchart Template. View Circular Flow Diagram Questions.docx from ECON 365 at Madina College of Commerce, Faisalabad. The circular flow diagram provides an overview of economic activity. The circular flow diagram offers a simple way of organizing all the economic transactions that occur between households and firms in the economy. between economic agents.The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction. Create clear Circular Flow Diagram fast. You can also test yourself with the Module 6 online quiz here on the BCS. As you read, find at least one example of every major group in a typical circular flow diagram, including: A business - starbucks company is the business A … Circular Flow Diagram Template | Circular Arrows | ConceptDraw ... Data Flow Diagram Example In Sdlc Phases. The circular flow model in a four-sector open economy has been shown in Fig. Here’s how it works: When households need a good or service, their money flows to the product market in a process called consumer spending. In other words, is the place where firms sell the goods and services they have produced, receiving a revenue paid by households. Things such as government spending (in the form of unemployment benefits, for example) or government income (taxes) are not shown in the diagram. The Circular Flow of Economic Activity 1. Economic Model #1: The Circular-Flow Diagram One model that helps explain how a market economy works is a circular-flow diagram. This video lesson is on the circular flow diagram, which describes the circular flow of money in a free market economy. Circular Flow. 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