A Probability Distribution for a Discrete Random Variable Is a Mutually

question 35

True/False

A probability distribution for a discrete random variable is a mutually exclusive list of all possible numerical outcomes of the random variable with the probability of occurrence associated with each outcome.

---

Definitions:

Households And Firms

The two primary actors in economic models where households provide labor and consume goods and services, while firms produce goods and services and hire labor.

Resources

Broadly refers to the inputs used to produce goods and services, including natural materials, human labor, capital, and technology.

Scarce

A situation in which available resources are limited in relation to the wants and needs of individuals or communities.

Participatory Planning

A process that involves all stakeholders in the decision-making process of planning, ensuring their views are considered.