FWSP  x 1 
  C [    x 1 	  fff(    5^~xdE,-   mp|Q0䙞7hr3G  (    %^ɒ}+L襟1        * , G   Tw0[!` 5IfybnQwgTR{]u 5f݆ˀnS9 3 !=qҙ:t%*PyJR60h.lWmk6f4 sYLM0=4Ϛˀ)Ӏ)ll: g45jw"crj7#E# 5dLxWn]wIZI-pB`6Vp!),eԕ3Ųkt]4ہo;W{~Bdl5fJNHI 5 	\c[! .A 5hwSZiw4k\3\ lMZ 09TI ַvZnRͳAs[ bwu;ӷL  Xj:r׾A 5i{yXV3V4SX%-rRM4c?b Lp+)Y),Jr0C{Š*d\xnv:kkɷK  S%W5 5eDiȤPU0"yk@ \ѠFXf%=\O ..m|]rP 
*q/q˛$xܷv 5gs'5,I˴+zܽ'bfa7G	&Mf6o ڒ} 5iZf35 j[w)7V~Lr\LDh۔YEaifVlle3P 5d>(;}$ʌw)|?qj 5d*{yXV/{n-@5heTd	[RgVyl b`~rtmN.s<k"Jǅ.;rtmMs|I(n;rs_mVUfV 5iZf35 j[w)7V~Lr\LDh۔[}+K6Jc`-5eI
	 .p+`P^P ' 5	 pХHRJǹYw^Ȁ4YMrdX ֿċp#Y1J'	rp&S 5gUzk]oou#¼nRn~eJWsVpڣߠB 5hQKc,,@b$F (qr^28D w0!+{mk@VR"ЍZ5Ft ڷrkk>ͽim`
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r̠		<2qu<)-2mk7][\ax(=seLL76uW#Ȼ=A#5fvX2/]:N3bl/lJ⚽Ҫڴ`u
 5a~wk۪~u	@1YQ2&%@l<I!vU5@I4 06lv 5iy7ȯn7V[` 5g>v'vgXAY3, U@^T%@W-XXĔ	nB& Λ/8PNY݆Z3HޙfP:ZK4q~m
/fj~}@e39s P釀%bNݩ[Mai    Verdana ,02CGeghinoprtyA    hP``  fff   #X$eq&a3'@8+2}   H@ ?E           "         "H       "    G  @    d7ճ( (    5^iKF.tZb X`Qi3<k?-ݯ%1ĎY­s5B, )B hyֳus(iW5{~*l!̐=ߵ	ReV['  (    5f㳢џ#L+t>@ 41y̙ɨg­9j}Towo=wwQAJ3)p6T M u2r>AWXG 	   	     @   	  
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~@ > progressbar @ ?  X 
 prozent getBytesLoaded getBytesTotal Math round loadtext % of  KB loaded progressbar            =         = d        R   G         =         RG G	    @ # 	   " 	   "H   	   "      @  	 
   
   start ?    ?     SGEtext  <BR>Any countrys economy is a buzzing interaction between people who purchase or sell, save or consume, invest and produce. <B>Macro</B>economics wants to understand what is going on there, in the entire economy.  ?*     start     intro   gotoAndPlay R 	y    g/
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  4U
\'^^i;1tҥy֠\ q )>    
rkj`cM]  <x&c]?Ŕm5F@@   كe9.OΟiwm#ݬ   r8g%K|    
]v=>v;M 	     	   @   >    Wp%Wf    ( (       $xU[  Ҟ`-@       WH0 (    %CغݥO/   ! Wֿ@W     ( (       $jxoP  ? =   " W1}VLh    ( (       $x]ʙI  Ϳڛ3,Z >   # WfWtK@    ( (       $zAڙ  ͼ8Aʀi- .   $ W W     ( (       $?  ? A   % Vth (    %Fmfy|  (    ${_ֱ  (    %@MBE   & V^\V@ (    $Fl| (    $ߡko̡Y (    %@MB	  '    3i @ h           W %9Љ  ٮ 
  ,@@  @ 

       r`LO)` | 
 -m-B@   "@ 

         !    			Hۡ$JА L&}>됐
 rHP7 @   2@ 

  @ "    @ C#@ خW{E?
 i07P< @  ȬC@ 

   *   t#; Ż ݀Q @
 U.`@  Ⱥ8@ 

   UU   7fk~AAD ŕ6@@
 jiJ.р@  -@ 

 #      $    j
Ɨ&m@` j
Ɨ&m@`
 ӽuԨ@  "@ 

Y UU  UU ŠI操@d0 'Z_2H
 |z.@  @ 

  UՅ  dG=? %'Ca#kx
 hP6P;@     @ 

 %   q>ۘ Q}$
 ұeB@  3 &  M?7S  G1?L 
 ,@@     ( UXG8    (    5^ݳ~P$ӊָ~]ll^Yq,^gS%$LCZ!zy|  (    5
ݳ~P$ӊָ~]^.k ,8nre3 &IE-P^q  
    5)[xo73nLf-2aHA;m@  ڶ 3]aq?	ݟkMak]a   
f%=tI+Cj?XoZοgWwgh6~zH9,$Yҽɖ<L H '{6K8A{hB    )  5a-UեUvP[mfܛwnu3!T}0.afa(6p6K_-E%$(ܚBk.\րI5ԁXRHY6IpmhpTfsvqXpS^/    ) Times New Roman$   * X*q-   
)    d    + UqFX j H?2'`^0 ۵Xw5Ӧ6ۂi=_w  j WoYi-](Mhir7\#\~cJwmzIupoτ  ڶ .Im}ۀ֙ͼк  
 (1=oYLgTsS#;Ϸ>  eRdϹ3˙5m-eDKJAoo  ڶ LئCG<"(eƺ4iN-Dt 	'   ,   (   * g[  +  @   	  - P  , ff35& ,  , ]( , ff35e5 , *h@  jV+5 橇 v Z( o̷jt5 $N=@  nF#1$ b( $[ ( y˭HZ5 QJ@  r61x Ԉ 1k_ ( Ńݱ.ѫz(5 PZG@@  v(1X ax >g ( ŎB!ulؐ5 жHeQX@  z1f  Js( ř̏j8^5 nk=f@  ~1A ,  W; ( Ť^/E5jyH5 2P|fY@  Ł1   c( ůj:*5 wϺf(@  Ņ0   o ( ŻqMj5 Ot~YT^@  ŉ0D Ҁ |؀( <۴ڣ~5 D"͔|@  ō0 ϱ    ( Լ^I:Z- 5 ŝԤ@  ő0  l- ( ۹v
(a 5 rt,@  ŕ,< f  |` ( ii6 5 }Q&@  ř,7  9 ܘ ( j5lʀ5 x<-gJP@  ŝ,Z    ( ACoDv	(5 	٘'u@  šzн,  nƀ  ( CMdaT`5 X=z @  ťjҵ/$Ј ~  Mn( EDoUQUaJ 5 \*=@  ũZԭ+<y ¾<  ]Ȁ( F_A4%`5 baF@  ŭJ֥*_   >* ( !HuoiQ-a15 Z5@  ű:؝*NE   ΐ ( )GJQtъ=5 NڨVe @  ŵ,ږ.튰    ( 0L4k-I`5 ľ#@  Ź܎.Ј ƀ ʯZ ( 8vNE\b85 YV' @  Žކ.|Ј M  ( ?O0L[` 5 p3++@  ~.F  p( GQSsZk 5 u^B/J@  v.n0  pY ( OSZKZ'u5 Lf3k @  n2 v  ( WU0bo` 5 };k67ƍ @  f27 ᖜ ր( _
W°j`Yx5 )F;@  м^25 ֜ 
( fYsg$5 qcF?~׀@  ԬV23  19 ( n[{:g(5 &@  ؞O2 V ( v"]B{Y*P5 Q=@  ܎G2|| ʇ &( }_gG\9Jʑ5 tOh@  ~?2jm\  F( ɅaCLٗY85 <iP@  n72Z+, qw ޑ( ɌgcRKVڙxk5 }='X@  ^/2K ^, &( ɓd1WY[+ޑ5 %'ݪx@  N'2Af LV h( ɚf]Q=5 Z-ύ0u@  >2<d0 :7 Ɲ( ɡhrcN, 5 ~9	;H@  02@! ' (( ɨj*jIJۙ
5 ¾mA	@   7(7߇  _0( ɮk1qG=qB퀑5 "µJ0@  76wp ` ,]( ɵmGqxJCb5 S­eR@  k ! ]x( ɻgn Wb5  ¡^=@  *7]7 Ⰷ ( ɸn,} T75 Qª-Uի@  R)7r7$ ؇ (( ɶmyCR 5 µJ9$@  z=7@ t% @( ɴZmvDRa 5 ¾EA!@  R7j Ofp `(( ɱlv1sFS1 5 y9A#@  f7 +' ;X( ɯk1pGU1c 5 P(E0[$@  {77և x `( ɬ%k	qmI;W,5 "ԙ+i%@  3 X qzʇ yl( ɨj=1j]Jћ[5 ua&@  H3͡p _> g$( ɥia1g)Lk_ 5 ,	 @  p3" N Uj( ɡhw1c[d5 bq@  ٚ0#؇ <> DcԒ( ɝg|`Ϥi\ 5 G-ՌR`@  09e( ,\ʇ 4#4( ɚlf1\љo) 5 D i@@  0\& ` $b( ɕeYS:u 5 e'"J@  
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ۅ1>qH # m쀑( r>\̀3eY85 nZUF@  ų4ٚ1\2  m( l[x^eg`5 8%r@  ů\׮1y 2DJ mQ( eYjqed5 X%@  ū1vd E o( ^Wi̖4\v5 پBsu@  ŧ1x( XĨ sM( WUpbPf_05 J]uT@  ţ19 l$Ĉ xt( PT1Zdfܐ5 ,Tp@  Š  1܇ ؈ }4( IRF0Sͬ3g5Z5 ϾR	es@  Ŝ(5q &ӈ 	( A^PWLgx5 &@  ŘR)5 N ( 9NCE^g 5 [=	H@  Ŕz=5 p uh '2R( 0L*o|	K`5 SƱq@  ŐR5% 0 7q( 'I/pɂB5 ѺYa"@  Ōf50} ؇ H1 ( G/c9:@5 e^Q@Z@  ň{5: h Ypn( NESUT25 J%A߈@  Ņ5D Q  ( zBޯKIiqI+5 `A3~@  ŁH5L# 6H  ( y@^n~#ܘ 5 wϢd(@  }p5R㲇 ] ( \.}5 JmdgsP@  y5WJ O؈ K ( 쏹LǑ֐5 jUd<o8@  uº5Y O  ˖ ( J᥵4cȐ5 ж(d@  q5Ve   [ ( Ŭ{P|jq5 鲈u+`@  n
5L ( w( ŕfp5 C @  j<5<w # l( ~n7JVƧs$5 YY7@  ff35)  [d ( fd2Zjs25 @   a   . m^E [   fff $ lJ::)Qy)ג:Y"y }ARYr%r%AR9Qj:)r%cN: 	  /  
   start 7 ' ?cMKk i @ h@ 7 ?ՍKji @ @ 	7 i @4@ 	7 i @@ 	7 i @ @ 	7 i @h@ 	7 i @@ 	7 i @4@ 	7 i @@ 7 ?cMKk @ @ @ @ @ @ @ @ @ @ @ @ @ @ 7 -)b^E՗@ 7 ݲ:@-@@ 7 As:@ 7 
 18@ 7 %ɏ1@ 7 պip1]e@ 7 ՟2(19(@ 7 ՄhFS1j@ 7 kQ0@ 7 S暈0-@ 7 =-N0@ 7 (M-:E @ 7 f- @ 7 Dd,@ 7 ?X@@ 7 k@ 7 ѧV.s}@ 7 эוc7@ 7 vԭ|o@ 7 brT
@ 7 PӁܯR@ 7 Aܮ@ 7 5lD@ 7 ,3`@ 7 %l+<@ 7 !Z@ 7  @ @ @ @ @ @ @ @ @ @ @ @  - fC= @  0@  mm:@  ]\:@  :A@  |V+@  ž,@  X@ @ @ @ ?    @ 
   walker-nomoney 	 i @@ 	 i @@ 	 i @@ 	 i @T@ 	 i @,@ 	 i @ @ 	 i @@ 	 i @@ 	 i @@ 	 i @T@ 	 i @,@ 	 i @ @ 	 i @@ 	 i @@ 	 i @@ 	 i @T@ 	 i @,@ 	 i @ @ 	 i @ @ 	 i @ @ 	 i @ @ 	 i @ T@ 	 i @ ,@ 	 i @  @  ?    @ 
   circflowlogo B 
 @   P`i @  b @ B 8wStWhi @ @ B 0g:i @ @ B )hRu^i @ @ B !wi @ @ B YQi @ $@ B -_i @ ,@ B JP?i @ 4@ B <,i @ 8@ B vi @ @@ B g,Qi @ H@ B XKSi @ P@ B Ii2U?i @ X@ 7 EthDB ͼ:RWi @ \@ 7 PĜe`B ͭ+rXߠi @ d@ 7 ] =B ͞ÒZi @ l@ 7 -ExVB ͏\_i @ t@ 7 =b{ B ^i @ |@ 7 E:7B p_ߐi @ @ 7 и @B a<i @ @ 7 ʹ^6‒B RѪZ2i @ @ 7 ͢]rB C¨xRi @ @ 7 ͑s2.B 4ri @ @ 7 ̀0 RP: B %_i @ @ 7 nSB Ҳ?i @ @ 7 ]+2W B Җi @ @ 7 KtZ{B |;[i @ @ 7 :/F]@B tJ_i @ @ 7 (2,B ɴm,bi @ @ 7 F_LB ɖeJfi @ @ 7  blB xw^j?i @ @ 7 z/JV0B ZYVJmi @ @ 7 qu
]ВB <;Oq?i @ @ 7 ɢhd@B GJti @ @ ?    7 ɀ` 
kB  i @ D . B@      6 / R` intro ?   0  Verdana   	A  1 w|2            ( SGEtext <P ALIGN="LEFT"><FONT FACE="Verdana" SIZE="11" COLOR="#000000">Any countrys economy is a buzzing interaction between people who purchase or sell, save or consume, invest and produce. <I>Macro</I>economics wants to understand what is going on there, in the entire economy.</FONT></P>  1 8@ ?    ?   SGEtext  <BR>Reality, with all its detail, is too complex to grasp for the human mind. Hence, a key task of economics is to develop <B>models</B> - simplified pictures of the economy - which leave out things deemed unessential and focus on aspects considered important.  ?3     walker-nomoney     intro   gotoAndPlay R 	u   2 _i?` 2    f      (  <P ALIGN="CENTER"><FONT FACE="Verdana" SIZE="11" COLOR="#000066"><B>back</B></FONT></P> 	u   3 _i?` 2    f      (  <P ALIGN="CENTER"><FONT FACE="Verdana" SIZE="11" COLOR="#000066"><B>back</B></FONT></P>  "   4 Ts    f(    5La9'쓑 k   5  K     @ 	@i @2  m3  os`  LɆ@    &@  4             "       5 *jB@ @ ?    ?     SGEtext  <BR>A first, simple model that gives structure to macroeconomic interaction is the notion that the economy can be described as a <B>circular flow of income</B>. This is the topic of this learning module,<BR>to familiarize you with ...  ?1     circflowlogo     intro   gotoAndPlay R @  ?    ?     SGEtext  <BR>A key player in any economy is the <B>firm</B>.<BR>Firms use factors of production (inputs), such as labour, to produce goods and services (output).  0   6 m w`    $S d2Y"  6 ؇ $   7 g(h < 5\	J8   8 g(go'    < < %(B  6[, I   9 ggh    < <       %f66  z[~&,TZޱe@ Z   : gҨ (    +dܩD,zI7;cN1ޒ~X9-(zmD-g"g'{:prn〿 #   ; ]qRD ( %i:K0Wd@& ?  < ]NV[                    Ź      ʽ ɻ      PI5m _RPj1Ha!);jA&#7qBY8!4Tڊ4b-tڬ$ʅl;SsC-x(tl!:$tlQʹ+mI2?Fͩ9ıW*)+y(c	tMs_2BIpܕ>Fhg1i퀏xOg#lѲrqҠ"_Fͅ&46N{߽C%0|GB/Z39GFԛjF6PBXU Eʉ[AtV*|*UVBkQ5A*}5<~cu&OEA%J~IZPj]ԄPbj0+eH.AA	f
	>]
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ZMOgB      5|5{ooF 1/c      5di$mh*xϥm룗&5񆼊$o&#>jmn-qxmoUlInv#L >)5ʓE&+xjdڭ3iu{+S=dsiaPkO^ҾӋz qz$~vr
V˘/Z_c|-M+`o\(ԷkT76L~?1Ϧ[D@7#c^RaW      5|9r2̿oiƐ/uNZg      5LC^cvzkd@.gsYfLϤg3'_3R܂m͉/D(ߥ6LB2Hye8j{z59I/R:C.nk?FY\\}>      5r{]ٷ#y|vہPU     5a9,z^kV}ځ      53oG,7moc4	`475ݍnJѽMq@     5hh{\5sK[+^+BgV̞҆ZZZ-r<g*ekkO     5u{Tk#~cz6m%riwg      5t{kثYUdjx     5Y:cEٳ( >      55w(@L0Ǯ      5kpI{uEuw+	sR	6  jgHL
IYIWφC      5rw a/|      5kp{@6Zl  ###    %qås;|fC0/
&>|      5kgEoE<nʬ׻bτ      5jpvWo)@ ]j|  $$$    5V~]zm[ѺUGZcy`>      5Ri듿\]syF.DDMiB7ZRI_      5^O[9ZKSg3K3jg      54'lʏM˘'      5jz.( |      5P緳2>Mw{.q`wjeu(@     5[A랧]-V;Tޙʇ]t      5GsE3q.˽i֠j׍|      %rN8	ָV{@     5O3v}n뼃]Eh|      %H\֔D+  $$$    5@<3z}/Z݂sҩg25  ===    5zJm>+=f\7ܳ&@     5yRz?z=+ @>      5{fNIy{Y'<U{[}:fU 			    5|kWLEk'\AyK첰cޗBҁτ      5Fz7YZ)O      5b{U~6 -t      5e{`]uYrSCN݊}tIشS<im|  )))    5bv\Y퍫      5czw}5p      5~j+]0W     5dy3;ltkZZj7|      5eynd#]0Z|  ///    5imR>Νic"Wg!#Ծ  (((    5gzQdx8׃v-D/      5g֐"`[      5i:N[Jȍѭ=6$|      %e&*M+%֘@>  
    %\r֎voU      
    5^uۦSB֕gModwc|     
    5h smXo\K갌c֏>t^ԼUd&h{     
    5w$i     
    5V]w{VraԳ  t }rvd8\>4 	   D   B /︉L C jQ@   	m  E 2  ' fn i @  @  in i @ p@  mn i @ @  pOn i @T@  sn i @@  vn i @8@  yn i @@  }?n i @@   i @@  }@  @  }@  ݸ@  !]@  'ݸ@  .]@  4ݸ@  ;]@  A@  H=@  N@  U=@  [@  b=@  h@  o@  u@  |@  6@  @  @  +@  8@  E@  R@  _@  l@  y@  [@  '[@  A[@  Zۀ@  tۀ@  ۀ@  ۀ@  ۀ@  ۀ@  [@  [@  *[@     F ]TP     (    !=R	_!w-nd|(۟gK<8Ԗf27Fs'qDGs1CA*fd]|hC[$_ґ/Cs`RGIOiCڦЗ~W=;a9$s??tUhc'SAGȨuL̾}dOeJ
.Yw;9usK=ipdBz# :ǩ\  (    5Uuvn(	ʎ  рe(WQ  (    5Huvn(	ʎ  рe(WQ	&   G       hi @  F  @   	)  H (  G @  @  @  @  @  @  ?@  @  ؿ@  @  _@  @  @  @  i @4@  i @h@  i @@  i @ @  ?i @  @  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @   	   I ( 	 E  @ @ @ @ @ @ @ @ @ @ @ @  E   @ @ @ @ @ @ @ @ @ @ @ @  E   @ @ @ @ @ @ @ @ @ @  H   " @ @  E  $ @ @ @ ?    @   	   J 	  D fK6i @ @  3fbōi @ @  LḺci i @@   ci i @@  ,XPi @\@  S2,X@i @@  Ōf,XPi @0@  f3,X@i @@ ?     I B    ,m @    J y  @  ?    ?     SGEtext  <BR><B>Households</B> are a second key player.<BR>Households purchase goods and services and supply factors of production.  3   K mA c    $ 
J:r%::J:r%Y2/  K ?H  L fM(E(     '13.3Kl}Og.lezyLAl2g"Y'4MfY*bI     j$13ݮBYpU~[MnIe̯O0PzfA<柉$b
3)     <!13%VBy54b̯O)KgV@&fc4      13&gVV,Kj\񔕤6sOU0;;      >1;ݦ/;v)-y!1ƶ`P	eI      GBvz<0ldW<5A    	 iQ̯O.i   i4mO9r>-[70oMuSJ"
^&}x   croƴ<O{5tx	      Hۈ-ƙM~@Ҝ"=ig %kv+Lk]j]vm+W0טzl1cwωIy7/RɒZDޅ-Ldv[PkmKv뱋m$<K=띋rFEaIw\Z['g}e
|U{k٬s2viQ);1Ihġ;ZEvLBvbQѽҥV=65	6 _\ߦ-7{8k3]3fbK:|   ~@tռ7-;v[$k+)aMcZzҏeR:8mE֜i-f   aYAL7BKN6@  K3޸gN֒֋m-]_      Nʋ֏Fԝ[c}Zzj[]E_lZ~˭.W  ___ |%H9Wo[.|  JJJ A+K
<F}OOqkb_S|  ))) d1s.ZMP4Ү#   amuyxX@n4&.?c   Wk6bZxEw3e-hQQ7  ::: OeKiz   .Xeס,PULNu  wsڹ-{     M	F)MFͨUMmOf OR֧f=;~&Κg]\@  P㔢%S햽?Y%|dо  4GcM:ާ      TX37z\ ㇯TzRR/-?J9q  2BePgn  ooo T MRSy~u=w   HIpt۵;%]rM}kR>  wuKT	N_ c92r2V4ySGK  v<VsַB:mC:O,e  jjj i?emBM|   (Ykz4׵vD[n]%NFSGɷ>Qr/6sxln}˭*v7k&[jt2kJ ,3r&`{{KVƹHZc5s-nQLaӞ>ڰOH[3m)A5s9Ĭe  v9;@З]'Ꮸy|      *y·IޘU!֬?CSJ㒳  ZZZ t<$CsoުO      6mӵHj1^ze  v"^m' \Yǿ?z?"f#ם  3/ efP{	Nnqݥ	Pg)x]φ\g_6I~tw&x\kmld~b5--bJ
ފ޴L49y)#   ue#é|,X:ZĘJܸ]6  30 ItEeCc~qHVk SmjH(4KmwͶ\;,I4^7<$$z\Wi唧ì#]akDK	eFQNEULTOYYҖ:\,v::-Άu4V|kK.>  -^_疔&҄Ӌ  ZZZ hS𛯵Mdi=iu[  }}} v_nu]8tvl   itjLZL֩\';+A9=k>sAN,^sVp^%ZKyNMJSo76L-׿+#P}5O^V!{m/wMwCn-A^#K˟âYps>@Xlkz+Lih..**NUӪZ\:|  EEE szrMgQTSySZ]KXQ      GuQ){jhfی@  yn}p˽sѦJͦ$fbW[	Jy>O]qWe֟%9;%]*CM>  OtzսN{r,6]|   Mnݽ++U      wrs=
kݱsQJkC/Y\9.vt  g2!y_EN  30 Vԅ6SUֿTzb  VAy$ݷOYL(N3O   ~:t<a(t=!0^duX2$.bĚ   |ҹeQIl%MK/|Ԛ}=Eon1K*G_ҩzz:@  d2VyIJR&|   }iLyrV\a*<  TTT {O_4jMgt   |V(A$\4}l2'J}eDť_   v{9>eyP-  |F5P  |^6MK籥%yI1  |u|flLiRf  |rswt摚/Is 	  M (  G ff36i @  @  ff36?i @ @  ff36i @@  ff32?i @@  ff32<i @$@  ff32ci @@  ff32@  ff32@  ff32@  ff32@  ff3.@  ff3.B@  ff3.@  ff3.@  ff3*@@  ff3*@@  ff3&@  ff3"@  ff3@  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @   	w  N 2  ' R[@  l[@  [@  [@  ۀ@  ۀ@  ۀ@  @  @  @  @  @  Ķ@  Ѷ@  ޶@  @  @  @  =@  @  =@  @  =@  @  @  @  @  Ý@  @  Н@  @  }@  @  }@  @  }@  ݸ@  /n @  on @  n @  n i @@  /n i @4@  _n i @@  n i @h@  n i @ @  n i @@  _n i @4@  n i @ @  n i @ h@  n i @  @   	   O %  M   	 N  @ @ @ @ @ @ @ @ @ @ @  N   @ @ @ @ @ @ @ @ @ @ @ @ @  N   @ @ @ @ @ @ @ @ @ @ @ @ ?     N  $ @   	   P  K L fGKi @ @ K 31i @ @ K 3534t@i @L@ K t@i @@ K    ,i @@ K 32,i @t@ K ff3,i @@ K ř,i @8@ K f,i @@ K @ ?     O x 
 @    P  @   ?    ?     SGEtext  <BR>The activities of households and firms are linked in a number of ways.<BR><BR>First, households sell production inputs to firms, say work time. In return, they receive salaries.  ?1     start     circularflow   gotoAndPlay R 	  Q d  '   @ Y @    @ X@@    @ XGw@    @ Wwf @    @ VT@    @ UD @    @ To3@    @ S7#@@    @ Q@    @ P@@    @ O.@    @ M @    @ L& @    @ Jˀ@    @ H@@    @ G6@    @ Ev@@    @ C@    @ Aލ@    @ @@    @ |9@    @ xi@    @ t@    @ pg@    @ lA@    @ hy@    @ dX@    @ `(@    @ [@    @ W@    @ SH@    @ Nj@    @ JxR@    @ F;@    @ A&@    @ =@    @ 8@    @ @    @ @    @ m@    @ @    @ @@    @ @@    @ 5@    @ 	@@    @ @@    @ =@    @  @    @   @    @ M@@    @ @    @ @    @ u@    @ -@    @ @@    @ @    @ U @    @  @    @ @    @ @@    @ ʘ	@    @ @    @ /@    @ 8D@    @ [@    @ xs@    @ (@    @ ت@    @ @    @ h@    @ I@    @ )*@    @ N@    @ )s@    @ 9@    @ Y@    @ @    @ @    @ F@    @ N @    @ @    @ ޵ @    @ 6@    @ ΀@    @  @    @ @    @  @    @ @    @ g@    @ '%@@    @ 5@@    @ E@    @ V@@    @ g@    @ 7x@    @ @    @ @@    @ _@    @ @    @  @   	   R P 	 Q 
< @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  Q 
<  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  Q 
< ' @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  Q 
< ; @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ ?     Q 
< O @   	l  S d  , s@  t@  ti @  uK@  w. @  xo @  y@  {؀@  }n @  ^@  "@  y@  Z@  @  8@  F@  !@  &@  ,wJ@  2v@  8v@  >h@  D"@  KU@  Q՜@  Xu\@  _5 @  e@  l԰@  s|@  zL@  @  S@  @  @  S@  `@  SD@  (@  S@  @  ̒@  2@  @  @  2@  Ҳ@  @  2@  	Ҭ@  r@  @   @  (2@  /@  7R@  >@  FS @  M@  US,@  \F@  d3d@  k@  r@  z3@  s@   @  N@  @  @  t@  U$@  `@  @  @  v$@  ˶j@  ִ@  @  ݗJ@  W@  @  X@@  @  @  yP@  l @  N@  ^ @  ^@  . @   @  _ @  '@  E @  b@  π@  @   @   @   	   T P 	 S @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  S  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  S ' @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  S ; @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ ?     S O @     U UFh Ԯ(    5)Wsl߄>'%V"Zq[[}z֘u:X{;@ؿm>k2N?+ܙcjd	whtKU/\o/  Ԯ
    5-U'mNlP*-8LĠ[+qL@2O.il7= Ԯ )Wlnٿ	d}NJ	E~vvmGދ\?Z`Y֮abORtOkk ,8nre3@&IE-TVq Ԯ 9(ߜ@]#Dg`	e"`I@$bK٠  Ԯ ,a:Qhf6
*xU     V X*q-   
) Ԯ d    W Um    (    5ݳ~P$ӊָ~]l^Yq,^gS%$LCZ!zy|  (    5ݳ~P$ӊָ~]l^Yq,ٙ˾fX<0 d] mV_  
    5+[})	ren#1i@&HF!m  ڶ 5]aq?l;k_ð!   f%=tI+C){Gދ\?Z`Y֮abORPfkk ,8le3,yL@2O.mDC+\o    X U̡H j IGC2'`^0 ۵Xw5Ӧ6ۂi=_w  j 0xettprtnFƕ:ғZ\  ڶ HWz[uE?h5uo4.?c  
 *B=oYLgTsh.v3?n|   
~(ԧ<,yLI}joXZ[ֈ>j  ڶ Ž6)"爳pJilSKbiQ%@     
 Q)ko^^6];?ڲ#ou      5	gI (ݔG5/^i.oY|c|  z u}[S6뤄 	>   Y   U   V p W   * k|` X  @   	m  Z d  Y h @  @@  @   @  @  P @   @  Q7@  S @  n@   @  q@  !@  gP@  g@  (
@  b@  @  I
@  iZ@  i@  I@  
8@  ~@  *@  @  @@  z@  @  +@  @  J@  v@  |L@  u@  m@  f@  ^*@  WF@  Om`@  Gv@  @-@  8@  0ͨ@  )-@  !m@  @  @  
M@  @  @  M@  @  @  ܍@  @  M@  ~@  -j@  R@  -8@  @  L@  @  @  L@  ,b@  {4@  t@  m@  f@  `+b@  Yk&@  R@  L*@  Eb@  ?j@  9I@  3)@  -I<@  '@  "@  F@  G@  '@  G6@  @  r@   @  }i @  |N @  za2 @  x @  wp @  v@ @  u0 @  tP @  s @  s c @  rD@   	   [ P @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  Z  @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  Z E @ @ @ @ @ @ @ @ @ @ ?    @   	  \ d  G ŋνӠ@  ŌӨ@  ŌGD׆`@  ōƃ%@@  ō|ƾ$/ @  Ŏ@ y%h8@  ŎWqvԼB@@  ŏǍj}+K@  ŏĽc%9ՐT@  ŏ[Hv^ @  ŐQO-a֔g @  őȂGpv4p @  ődȲ@m6x`@  ő9؈@  Œ 1@@  Œ\$@  œɆܘ@@  œbɱ%۰@  œ۽ܐ@  Ŕ>x`@  ŔE(+yЀ@  ŔjHg}R @  ŕʎhl
@  ŕbʱxY
lj@  ŕ鹮Dl@  Ŗ
	@  ŖT*"p@  ŖE)+m@  Ŗbs*33@  ŗ$˒Y<^@  ŗXˬJE@  ŗŹ;N@  ŗܹ,MW&@  ŗab@  Ř.Yjo@  ŘT*e?8@  Řz=e@  ŘMҒo*@  ŘhzT.o R@  Řw\Uo4x@  ř̂>VoG@  ř̏ 6oZк@  ř2̙on@  řT̪&1C@  řḇa)WC@  řp̸$D8@  ř|̾@  říXU@@  řȩDK @  řɝ@  řʞ6 @  řɪDK@  řîA@  ř~̿0:q @  řt̺AjD`@  řf̳	D(@  řT̪cY͢C@  ř6̛Hh@  ř ̐	 h@  ř̄h@  Řxh@  Řhht@  ŘNRMnhP@  Řz=4N^i(@  ŘT*oMb6@  Ř0$@  ŗtvo@  ŗ޺tX^@  ŗƺtX"@  ŗ\ˮ*@  ŗ*˕fĮ@  Ŗf̘ͮZ@  ŖI}X.@  ŖZ-oD;@  Ŗ`mn@  ŕQ&@  ŕjʵ7!@  ŕ"ʑ(]f@  Ŕmטڃ@  ŔH
Z@  ŔD"
ش @  œ޾Rf@  œjɵ,F@  œɊr;&| @  Œ`IP@  Œ&bcF @@  őr@  őjȵ֨ @  őȆ:Ly@  ŐSڞVq @  ŏ:h@  ŏɾF_@  ŏ&ǓV@  Ŏ\2㦬M@  ŎJ%VpD@@  ōþz[V:@  ōƈs1 @  ŌMk(D'`@  Ō ds7&l@  ŋҾWP@   	   ] P  \ 
 @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @  \ 
 1 @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ ?    @   S   ^ hN 
 fffPא JLYyRebЍ   ib&ɥ؎+@Щ bˋ)& U   _ nP#   %Óy5)( # 
g0H   %syzF ݀E'LcN@ 	   `   ^ [Ԇ _  @   G   a `h 	 fffvKzTYzN	  i
z+Ye\	 X   b mrt~   %e^.Za-\ *p B|<3Y  %)t
	>x	*@ KZܨ	   c   a G  b  @   	  d L 
   start e L fMSp3@i @ pf D fMϠi @ H@ e LLR4i @Tf LLwTi @8@ e 5[i @8f 6ľi @$@ e Ōf5b`i @f Ōf6~i @@ e ff =@ 
   labour flow  R 	( @ @ @ @ @ @ @ @  T   @ ?    @ 
   goods flow 	 [ 	  ]  @ 	 i @4	 i @4@ 	 i @h	 i @h@ 	 i @	 i @@ 	 i @ ̉	 i @ @ 	 i @  	 i @  @   @ @ ?    @ 
   both flows  R 	(  T   @ @ @ @ @ @ @ ?    @ 
   both circles  ` `i @     c 
E i @    @ 	 i @ h	 i @ h@ 	 i @ ̉	 i @ @ 	 i @4	 i @4@ 	 i @	 i @@ 	 i @ 	 i @ @ 	 i @h	 i @h@ 	 i @̉	 i @@ 	 i @4	 i @4@ 	 i @	 i @@ ?    	 	 @ 
   outer circle 	 i @@ 	 i @h@ 	 i @@ 	 i @@ 	 i @@ 	 i @4@ 	 i @@ ?      ` `i @2 @ 
   inner circle 	 i @	 i @@ 	 i @4	 i @h@ 	 i @	 i @@ 	 i @̉	 i @@ 	 i @	 i @@ 	 i @h	 i @4@ 	 i @	 i @@ ?    	   c 
E i @: @ 
   only inner circle 	 i @	 i @d	 i @l	 i @l@ 	 i @	 i @4	 i @܉	 i @@ 	 i @܉	 i @ 	 i @H	 i @H@ 	 i @ԉ	 i @ ̉	 i @	 i @@ 	 i @ȉ	 i @ 	 i @$	 i @$@ 	 i @	 i @ h	 i @ 	 i @ @ 	 i @	 i @ 4	 i @  	 i @  @   ?    	 i @	 i @  @  
   only money 	 i @0@ 	 i @@ 	 i @H@ 	 i @@ 	 i @\@ 	 i @ @ 	 i @ t@   ` `i @  J @  ?    @      6- d ř9b	 circularflow @ ?    ?t   o  SGEtext  <BR>Second, firms deliver goods and services to households, receiving appropriate payment in return.  ?6     goods flow     circularflow   gotoAndPlay R @ ?    ?o   j  SGEtext  <BR>Looking at all these flows at the same time gives an already quite complex-looking picture.  ?6     both flows     circularflow   gotoAndPlay R @ ?    ?s   n  SGEtext  <BR>You may have noted that our animated graph of macroeconomic flows features <b>two circles</b>:   ?8   !  both circles     circularflow   gotoAndPlay R @ ?    ?5  0 SGEtext  <BR>The <b>outer circle</b> indicates the exchange of real things taking place. Households provide labour to firms and firms pay by handing over goods and services to households. This is how economies functioned before the invention of money. Such an economy is called a <B>barter economy</B>.  ?8   !  outer circle     circularflow   gotoAndPlay R @ ?    ?     SGEtext  <BR>The <b>inner circle</b> shows the money payments that are taking place. Households receive income (salaries and wages) from firms. This money flows back to the firms in the form of consumption spending.  ?8   !  inner circle     circularflow   gotoAndPlay R @ ?    ?   SGEtext  <BR>Since the outer flow comprises apples and oranges, and more, diverse things that are hard to condense into a single number, economists typically use the inner circle, the monetary flow, as a measurement of the transactions that are going on in an economy.  @ ?    ?*  % SGEtext  <BR>Total payment from firms to households constitute household <B>income</B> and measure the value of the production factors supplied.<BR><BR>Total payment from households to firms constitute total <B>spending</B> and measure the value of goods and services produced and purchased.  ?=   &  only inner circle     circularflow   gotoAndPlay R @ ?    ?     SGEtext  <BR>Since all spending must arrive somewhere, <B>income equals spending</B>. Or, the upper flow from left to right mirrors the lower flow from right to left. The circle which these flows form is called <b> the circular flow of income</b>.  ?6     only money     circularflow   gotoAndPlay R @ ?    ?     SGEtext  <BR>The circular flow of income described here may strike you as an oversimplification, or even as misleading. After all, doesnt it leave out or misrepresent some important elements? <B>Questions</B> that may have come to your mind are ...  ?&  e f3H  ȄYo{xE;|   KM.E+~%3+,ٶf#hљdpp(,MղNn/_R4$Td@     b:q$UN.z-BL$e49:]lļo_oU4(5CmbkPinmP@L_gޞʝۏ\_zOP:qLSlp(iW)k]K>k#-qӏ;e0B#6
Ӊ<*@  ]an2o12l|      @5N4pco..[|      eu˶ߓl`>c\eq4O6I3v1+joķ3qD%[}i|is Yz[/-*XtZASHj #]`W?3hkIJaX-+n4Xa/;U(j'v!t(hLs518ԡ=~an~_5XۉOPv$EhZī
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