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Figure: Expanded Circular-Flow Model
-(Figure: Expanded Circular-Flow Model) Look at the figure Expanded Circular-Flow Model. What is GDP?
Responsiveness
The ability of a company or system to quickly react to changes in demand, customer preferences, or market conditions, often critical for maintaining high levels of customer satisfaction.
Mean Squared Error
A measure of the average squared difference between the estimated values and what is estimated, often used in statistics and machine learning to assess the accuracy of models.
Coefficient of Correlation
A statistical measure that indicates the extent to which two variables fluctuate together. A higher coefficient suggests a stronger relationship.
Overall Error
Overall Error encompasses the total inaccuracies or deviations from a standard or expected outcome, combining both systematic and random errors.
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