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Using the outline below, draw a circular-flow diagram representing the interactions between households and firms in a simple economy. Explain briefly the various parts of the diagram.
Postmodernism
A broad movement in late 20th-century thought and culture characterized by skepticism towards grand narratives and ideologies, embracing relativism, and celebrating diversity.
Culture Jamming
The act of subverting mass media and consumer culture messages, often using parody or satire, to challenge or critique societal norms and values.
Cultural Capital
Non-financial social assets that promote social mobility beyond economic means, such as education, intellect, style of speech, and dress.
Cultural Literacy
The ability to understand and participate fluently in a given culture, including knowledge of history, significant figures, and pivotal events.
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