GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It illustrates how market forces determine the overall shape of the economy.
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Porter’s 5 Forces
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Circular Flow Model
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SWOT Analysis
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Economic Analysis
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Explanation:
Detailed explanation-1: -The circular flow model illustrates how market forces determine the overall shape of the economy. Businesses and households act as both buyers and sellers in the economy.
Detailed explanation-2: -The circular flow model illustrates how a market economy works. In the model, households and firms engage in mutually beneficial exchanges of resources and products in the market.
Detailed explanation-3: -The circular flow diagram is a basic model used in economics to show how an economy functions. Primarily, it looks at the way money, goods, and services move throughout the economy.
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