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In a three-sector economy, which consists of households, firms, and the government, the circular flow of income and output illustrates the continuous movement of money, resources, and goods and services within the economy. The three-sector model expands on the simple two-sector model by including government activity, which affects both production and income through taxation and government expenditure. In this model, households supply factors of production—labor, land, and capital—to firms. In return, they receive factor incomes in _________ __________ ___ ___ ____ __________.
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