Explains how resources, goods and services, and payments flow through the economy using the economic model of circular flow.

In this lesson summary review and remind yourself of the key terms and calculations used in describing the output of an economy. Key topics include the expenditures approach, income approach, and value added approach to calculating GDP...

By the end of this section, you will be able to interpret a circular flow diagram, explain the importance of economic theories and models, and describe goods and services markets and labor markets.

While precise numbers are not known, it is believed the number of boycotts has grown markedly in the past fifty years. Consumers seem to be besieged by requests from special interest groups to refrain from buying certain goods and...