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THREE-SECTOR, THREE-MARKET CIRCULAR FLOW: A circular flow model of the macroeconomy containing three sectors (business, household, and government) and three markets (product, factor, and financial) that illustrates the continuous movement of the payments for goods and services between producers and consumers, with particular emphasis on taxes and government purchases. Other circular models are two-sector, two-market circular flow; two-sector, three-market circular flow; and four-sector, three-market circular flow.

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Lesson 21: Factor Demand | Unit 2: Derived Demand Page: 8 of 24

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  • The notion of derived demand plays an important role in a number of issues:

    • Health Care and Education: The wage paid to each type of doctor depends on the demand for the factor, which in turn is derived from the demand for the output produced.

    • Overpaid Athletes: The wage paid to a professional athlete once again depends on factor demand, which is derived from the demand for the output produced.

    • The Farm Problem: The demand for the factor services provided by farmers depends on the demand for farm products.


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NET EXPORTS OF GOODS AND SERVICES

The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring net exports by the foreign sector. Net exports of goods and services is the smallest of the four expenditures, averaging around 2 percent of gross domestic product. Unlike the other expenditures, net exports of goods and services can be either positive or negative. They are positive when exports are greater than imports and negative when exports are less than imports. In recent years, net exports of goods and services have been negative. The other official expenditures included in the National Income and Product Accounts are personal consumption expenditures, gross private domestic investment, and government consumption expenditures and gross investment.

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RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

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Organization for Economic Co-operation and Development
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