Draw a Circular Flow Diagram with Households and Firms and Without

question 186

Essay

Draw a circular flow diagram with households and firms and without government.Label the markets and the flows in the circular flow diagram.

Understand the differences between observational studies and experiments.

Recognize the impact of study design on the validity of conclusions.

Identify key elements of experimental design, such as randomization, blinding, and control.

Understand the concept of and identify examples of confounding and lurking variables.

---

Definitions:

Requirements

Conditions or capabilities needed by a user to solve a problem or achieve an objective.

Graduate

A person who has successfully completed a course of study or training, especially a person who has been awarded an undergraduate or first academic degree.

Justification

The process or reasoning behind why a claim or action is considered valid or acceptable.

Premise

An assertion or statement that forms the basis for a conclusion in an argument.