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The circular flow of income and expenditure is a fundamental economic model that illustrates the movement of money, goods, and services within an economy. It highlights the interdependence between different sectors of the economy and how income is generated and spent. The basic model involves two key participants: households and firms. Households provide factors of production (labor, capital, land) to firms, and in return, they receive wages, rent, and profits, which constitute income. Firms, in turn, produce goods and services and sell them to households. The income households receive is spent on purchasing these goods and services, completing the cycle.

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