Examlex
i. The probability of a particular outcome, designated X, must always be between 0 and 100 inclusive. ii. A random variable is a quantity resulting from a random experiment that can assume different values by chance.
iii. The mean of a probability distribution is referred to as its expected value.
Circular-Flow Diagram
A visual model of the economy that shows how dollars flow through markets among households and firms.
Capital
Resources made and used to produce and distribute goods and services; examples include machinery, buildings, and tools.
Firms
Business organizations that produce goods or services, often to make a profit.
Tariffs
Taxes imposed on imported goods, often to protect domestic industries or to raise government revenue.
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