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:
Confidence Interval
An interval estimate around a sample mean within which an unknown population mean is expected to lie, at a certain confidence level.
Population Mean
The average of a set of characteristics, quantities, or values for all individuals or items in a defined population.
Population Variance
A measure of how data points in a population are spread out from the mean.
T Distribution
A type of probability distribution that is symmetrical and bell-shaped like the normal distribution but has heavier tails, used especially for small sample sizes.
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