Summary
Summary Circular Flow
- Module
- Circular Flow
- Institution
- WJEC
Providing a concise overview of the essential parts of the topic
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Definitions Marginal Propensity Equilibrium Circular Flow Diagram Multiplier ProcessEquilibrium: no pressure for change
GDP: Gross Domestic Product, total value of all
goods and services produced in an economy % of saving = marginal propensity to save (MPS)
within a given period % of tax = marginal propensity to tax (MPT)
% of imports = marginal propensity to import
Gross Domestic Expenditure: Total value of all (MPM)
goods and services purchased “””
MPS + MPT + MPM = MPW (marginal propensity
Gross Domestic Income: Total value of Incomes to withdraw
The value of the multiplier (k)
“””
influences the eventual change in GDP
following a change in
infections/withdrawals
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