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INSTRUMENT: Another term for a financial or legal claim on the physical goods, services, and resources of real side of the economy. Instruments are the means by which income is diverted between household, business, and government sectors. Common instruments are corporate stocks, government bonds, and paper currency.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 4 of 22

Topic: The Physical Flow <=PAGE BACK | PAGE NEXT=>

Two sectors: household and business.

Two markets: product and factor.

  • The physical flow is the counter-clockwise flow of resources from the household to business sector and production from the business to household sector.
  • Production flows from the business sector (supply) to the household sector (demand) through the product markets.
  • Resources flow from the household sector (demand) to the business (supply) sector through the factor markets.
  • The household sector sells the resources through the factor markets and buy goods through the product markets.
  • The business sector buys resources through the factor markets and sells goods through the product markets.

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DISEQUILIBRIUM, AGGREGATE MARKET

The state of the aggregate market in which real aggregate expenditures are NOT equal to real production, which results in an imbalance that induces a change in the price level, aggregate expenditures, and/or real production. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) are out of balance. At the existing price level, either the four macroeconomic sectors (household, business, government, and foreign) are unable to purchase all of the real production that they seek or producers are unable to sell all of the real production that they have.

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Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for small children selling products door-to-door.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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