1)Construct and label the circular flow diagram. Separate from the diagram, itemize each element and flow in the diagram and give very detailed descriptions of each of them. Be sure to cover all the main attributes/functions of each element and flow. Be sure to use the red/green/blue color code, as well as produce all proper labels and the guide on the diagram.
It shall be noted that in economics, the circular flow diagram represents the organization of an economy in a simple economic model. This diagram contains households, firms, markets for factors of production, and markets for goods and services.
The flow of inputs and outputs
The flow of dollars
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