Using this outline,draw a circular-flow diagram representing the interactions between households and firms in a simple economy.Explain briefly the various parts of the diagram.
Definitions:
Antibiotics
Medicinal compounds used to kill or inhibit the growth of bacteria, used in the treatment and prevention of bacterial infections.
Ultraviolet Light
A form of electromagnetic radiation with a wavelength shorter than that of visible light, but longer than X-rays, which can have effects such as causing sunburn or vitamin D synthesis in the skin.
Cultural Hazards
Risks that arise from human behavioral practices, beliefs, and conditions in a society, often impacting health and safety.
Life Span
The maximum duration of life that a living organism can reach under ideal conditions.
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