If X and Y are two variables with 
= 12.25, 
= 17.64,and Cov(X,Y)= 11.76,then the coefficient of correlation p = 0.8.
Definitions:
Labor Market
The supply of available workers in relation to available work, influenced by factors such as wages, demand, and employment laws.
Households
Entities consisting of one or more people who live together and make joint decisions on consumption and other economic activities.
Firms
Business entities that produce goods or services, usually with the intention of selling them for a profit.
Opportunity Cost
The value of the best alternative forgone when a decision is made to use resources for a particular purpose.
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