This relationship lies at the heart of macroeconomic analysis. From a simple version of the circular flow, we learn that-as a matter of accounting- gross domestic product (GDP) = income = production = spending. The circular flow of income describes these flows of dollars (pesos, euros, or whatever). As individuals and firms buy and sell goods and services, money flows among the different sectors of an economy. The circular flow of income describes the flows of money among the five main sectors of an economy.
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