Hi Everyone! Here is some errata: 1) So sometimes I talk about output, sometimes I talk about product. They're the same thing. Hope that's not confusing. 2) I listed and talked about 3 Assumptions of the circular flow diagram, but I wanted to say... there are so many more if I wanted to go into it, a non-profit sector, different types of sectors... 3) I also only talked about 3 types of input (labour, land, entrepreneurship). Of course you can also have capital, I just picked three examples for illustration. You can also divide types of inputs further, and in different categories. It depends on the text book that you are using. 👍
