The __________ Can Be Applied to Any Percent Reported Regarding

question 21

Short Answer

The __________ can be applied to any percent reported regarding the sample to find an estimate of the percent of the population that would respond in the same way.

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Definitions:

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.

Firms

Businesses or companies that produce goods or provide services with the aim of making a profit.

Resources

Assets and inputs used to produce goods and services, such as time, labor, capital, and natural resources.

Factor Market

The marketplace for services of the factors of production (labor, land, capital) where these are bought and sold.