A Circular-Flow Diagram Is a Simple, Equation-Based Model of How

question 42

True/False

A circular-flow diagram is a simple, equation-based model of how an economy is organised.

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Definitions:

Contingency

A future event or circumstance that is possible but cannot be predicted with certainty.

Operative Goal

A specific, detailed target that an organization aims to achieve, often related to its day-to-day operations.

Social Invention

Innovations that relate to how people organize and interact within societies, including new social practices, structures, and technologies.

Social Convention

Agreed-upon norms and practices within a society or group that guide behavior, communication, and expectations.