A bank randomly looks at loan applications and checks them for errors. Ten applications and the number of errors identified on the applications are found in the following table. When the process is working correctly, the average number of errors found is 2. Construct a c-chart to determine if the process is in control.
Definitions:
Private Property Rights
Legal entitlements that grant individuals or entities exclusive use, control, and disposal of properties and assets.
Wealth Creating
The process of generating financial gain through investment, business ventures, or other methods that increase an individual's or entity's assets.
Capitalism
An economic system characterized by private ownership of the means of production and the creation of goods or services for profit.
Self-Interest
The motivation of individuals to pursue their own advantages and well-being.
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