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The circular flow of income is a concept for better understanding of the economy as a whole and for example the National Income and Product Accounts (NIPAs). In its most basic form it considers a simple economy consisting solely of businesses and individuals, and can be represented in a so-called "circular flow diagram."
For example, in the Keynesian depiction of the circular flow of income and expenditure, leakages are the non-consumption uses of income, including saving, taxes, and imports. In this model, leakages are equal in quantity to injections of spending from outside the flow at the equilibrium aggregate output.
Example of a positive reinforcing loop between two values: bank balance and earned interest. A causal loop diagram (CLD) is a causal diagram that visualizes how different variables in a system are causally interrelated. The diagram consists of a set of words and arrows.
Circular cumulative causation is a theory developed by Swedish economist Gunnar Myrdal who applied it systematically for the first time in 1944 (Myrdal, G. (1944), An American Dilemma: The Negro Problem and Modern Democracy, New York: Harper). It is a multi-causal approach where the core variables and their linkages are delineated.
An example of a circular economy within a fashion brand is Eileen Fisher's Tiny Factory, in which customers are encouraged to bring their worn clothing to be manufactured and resold. In a 2018 interview, [147] Fisher explained, "A big part of the problem with fashion is overconsumption. We need to make less and sell less.
A flow variable is measured over an interval of time. Therefore, a flow would be measured per unit of time (say a year). Flow is roughly analogous to rate or speed in this sense. For example, U.S. nominal gross domestic product refers to a total number of dollars spent over a time period, such as a year. Therefore, it is a flow variable, and ...
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Circular flow of income; Control flow diagram, a diagram to describe the control flow of a business process, process or program; Cumulative flow diagram, a tool used in queuing theory; Functional flow block diagram, in systems engineering; Data flow diagram, a graphical representation of the flow of data through an information system