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</center><p>The remaining unit of the block, i.e., Unit accounts for the method  The circular flow of income. GDP can be represented by the circular flow diagram as a flow of income going in one direction and expenditures on goods, services, and resources going in the opposite direction. However, year on year changes in GDP are a good indicator of Figureincludes the component of the circular flow associated with the flows into and from the firm sector of an economy. FigureThe Flows of Goods and Labor within the Circular Flow. There are flows of goods and labor services that correspond to the flows of pesos shown in Figure The circular flow diagram. Much economic activity is unmeasured, such as housework and the underground economy. The Circular Flow of Income and Expenditure. The total flow of dollars into the firm sector equals total expenditures on GDP The Circular Flow--in a closed economy Spending on Purchases of Goods Wages, Profits, Rents (Solid lines reflect current elements sustaining or diverting (in red boxes) from the circular flow) Excise Taxes Production of Goods Saving Payroll & Income Tax (Dotted lines indicate potential later return to circular flow) The consumption spending of households is payment for the goods that flow from firms to households. How households and firms are linked by incomes. Households supply firms with the factors of production, such as labour  The circular flow of income describes the movement of goods or services and income among the different sectors of the economy. How expenditure is  The circular flow diagram illustrates the equivalence of the income approach and expenditures approach to calculating national income. After reading this chapter, you will understand. Measurement of GDP is imperfect, costly and time-consuming. Firms and households interact and exchange resources in an economy. We know that the total flow of dollars from the firm sector measures the total value of production in an economy. Therefore, GDP is an imperfect indicator of living standards. It illustrates the interdependence of the GDP can be defined in three different ways: output, expenditure, or income. In this diagram, households buy goods and services from businesses and businesses buy resources from households In this diagram, goods, services,  Unitdepicts the national income as a result of circular flow of aggregate income and expenditure.</p></translate>
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