![]() Households receive income from wages, salaries or other forms of compensation.To better understand how the circular flow model works in the real world, see the step-by-step process below: Related: This Is the One Economic Indicator That We Should Completely Ignore What is a real-world example of the circular flow model? GDP can be calculated using the following formula: Net exports (X - M): The difference between exports (X), which are goods and services produced in the country but sold to foreigners, and imports (M), which are goods and services produced abroad but sold in the country. ![]()
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