Examlex
The State Department of Forests has determined that annual tree growth in a particular forest area is normally distributed with a mean equal to 17 inches and a standard deviation equal to 6 inches. If 2 trees are randomly chosen, the probability that both trees will have grown more than 20 inches during the year is approximately .037.
Private Ownership
The ownership of property and businesses by individuals or corporations rather than by the government or the public as a whole.
Redistribution of Income
The transfer of income and wealth from some individuals to others through a social mechanism such as taxation, charity, welfare, public services, land reform, or monetary policies.
Circular Flow Model
An economic model that depicts the movement of goods, services, and money between households and businesses in an economy.
Consumer Expenditures
The total amount spent by consumers in an economy on goods and services.
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