Examlex
Explain how longitudinal and crosssectional designs differ. What are the advantages and disadvantages of each?
Household
An economic unit that consists of all individuals who occupy a housing unit, regardless of their relationship.
Business
Organized efforts by individuals or entities to produce, sell goods or provide services for profit.
Factor Market
A marketplace where factors of production (e.g., labor, capital, land) are bought and sold.
Circular-Flow Diagram
A visual model of the economy that shows the flow of money, goods and services, and factors of production between households and businesses.
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