17 Explain the concepts of frequency class interval class limits and mid values of frequency distribution
Answers
Answer:
Class frequency : It means the number of values in a particular class. ... Class interval: Class interval or class width is the difference between the upper class limit and the lower class limit. Class mark : The class mid-point or class mark is the middle value of a class.
Answer:
A country’s economic system is made up of institutions and decision-making structures that determine economic activity.
LEARNING OBJECTIVES
Differentiate between planned and free market economic systems
KEY TAKEAWAYS
Key Points
An economic system is the decision-making structure of a nation’s economy, characterized by the entities and policies that shape it.
An economic system may involve production, allocation of economic inputs, distribution of economic outputs, firms, and the government to answer the economic problem of resource allocation.