The labour market in Winterfell is characterized by the labour market flows in the following diagram. Each circle represents the pool of respectively U(nemployed), E(mployed) and I(nactive) workers. To each arrow corresponds a probability of moving from one state to another. For example, the probability of moving from unemployment to employment is given by , while the probability of moving from inactivity to employment is \. a. Explain what each of those arrows means, possibly giving a concr