A flowchart is simply a graphical representation of steps. It shows steps in sequential order and is widely used in presenting the flow of algorithms, workflow or processes. Typically, a flowchart shows the steps as boxes of various kinds, and their order by connecting them with arrowsInquiry Online
A flowchart is a graphical representations of steps. It was originated from computer science as a tool for representing algorithms and programming logic but had extended to use in all other kinds of processes. Nowadays, flowcharts play an extremely important role in displaying information and assisting reasoning. They help us visualize complex processes, or make explicit the structure of problems and tasks. A flowchart can also be used to define a process or project to be implemented
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We all need to buy goods. Sometimes those goods are groceries, while other times those goods are clothing for an important event. Whatever the goods might be, purchasing them forms a crucial piece in a functioning economy.
Simply put, each time we buy a good we are contributing to the economy. In this lesson, we'll look at how those purchases are just part of a bigger piece of the economic puzzle. You see, the economy works in a circular motion known as the circular flow diagram in economics.
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. In the diagram, there are two main characters, known as firms and households, where households represent consumers and firms represent producers.
Let's take a look at the role of the consumer, or the households. In a circular flow diagram, households consume the goods offered by the firms. However, households also offer firms factors so that the firms can produce products for the household to later consume.
For example, households may supply land to produce goods or they may offer themselves in the form of labor. Households also offer capital, which is a monetary form of investing that helps firms create products for consumption. All three forms (land, labor, and capital) are offered to firms so that they can make products that households need and consume.
Now let's look at the role of firms. The main function of the firms is to offer goods. In order to do this, firms take the factors (land, labor, and capital) from households and convert products into goods and services that consumers need and want. The role of firms makes up the second part of the circular flow diagram.
In the diagram, you will see the outer circle that shows how households offer factors (land, labor, and capital) to the firms. The firms then use those factors to produce goods that the households consume. However, you've probably also noticed that there is an inner circle as well. That inner circle represents the second portion of a circular flow diagram.
When we go to work, our company compensates us in the form of a monetary wage that makes up the income of the household. As the consumer, or the household, we then use that money and spend it on the products that the firms offer us. Therefore, firms offer us incomes which we send back to firms in the form of spending.
Let's review. A circular flow diagram represents how goods, services, and money move through our economy. There are two major actors known as households and firms. Firms offer goods and services for households to consume. They also offer incomes to the households. Households then offer land, labor, and capital (known as factors) to firms so that they can then produce the goods and services. Households also offer the firms their money in the form of spending when they purchase goods
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The heart is a large muscular organ with the very important job of circulating blood through the blood vessels to the body. Located in the center of the chest, the heart is the hardest working muscle in the human body — always working, even while we are sleeping. The heart and blood vessels together make up the body's cardiovascular system and are vital to supplying the body with the necessary oxygen and nutrients needed to survive. When you breathe, your lungs take in oxygen. The heart pumps blood to the lungs to pick up oxygen, and then it pumps blood through the body to deliver that oxygen
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