Using the outline below,draw a circular-flow diagram representing the interactions between households and firms in a simple economy.Explain briefly the various parts of the diagram.
Definitions:
Reduced Working Hours
A labor policy or arrangement where the standard number of hours worked by employees is decreased without a significant reduction in pay, aimed at improving work-life balance.
Mentor
An individual who provides guidance, coaching, counseling, and friendship to a protégé.
Career Anchors
A network of self-perceived talents, motives, and values that guide an individual’s career decisions.
Work Experiences
The involvement or exposure to different situations, tasks, and roles within a professional setting, contributing to an individual's skillset and understanding of the workplace.
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