BUSINESS HIGH SCHOOL

An economic system that operates mainly on private transactions where firms are free to make their own production, distribution and pricing decisions is known as.

Answers

Answer 1
Answer:

Answer:

Market economy

Explanation:

There are three predominant economic system; market economy, command economy and mixed economy.

  1. In Market economy individuals and firms are free to make their own choices. There is no regulatory authority that is monitoring the system. Firms can produce whatever they want and sell it at whatever price they desire. This idea of free market was first suggested by economist Adam Smith. Firms will only manufacture goods that market demands, even if they are dangerous to the society e.g. cannabis and LSD. If the demand exists and firms can make profit, they will produce it regardless of its impact on the society.
  2. Command economy is heavily monitored by government. Government decide what to produce, how much to product and for whom to produce. The price is fix for every product. For example, if the price of cheese is set at $10 per pound, everyone will get it for $10. There is no concept of private ownership and everything is owned by the government.
  3. Mixed economy, also known as traditional economy is a combination of above two types. There is private as well as public ownership. Firms can produce goods, but they will follow laws and regulations (firms can't make and sell LSD to teenagers). The government provide healthcare, education and protect consumers from private institutions.  

The question deals with a situation where there is no government intervention. The firms are free to make their own production, distribution and pricing decisions. Hence, it’s a market economy.  

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Answer:

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If you co-sign for a friend's credit card, what is the danger to you if your friend fails to pay

Answers

Answer:

C, Your credit score might go down.

Explanation:

I just took the test
You would have to pick up the payment from where they have left off.So basically you would be paying there credit card bill

TeamBuilds is a service organization that has corporate teams pay $7,500 for an all-day team-building session with a management consultant while they work together on renovating a Habitat for Humanity home. TeamBuilds' _____ service is improved work team relationships.a. primaryb. corec. niched. supplementarye. foundation

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Answer: core service

                           

Explanation: In simple words, core service refers to the services that are of high importance to the transactions and the business of the rendering firm depends on such services. In other words, it is the main product that the business offers to their customers.

These services renders the benefits that a customers expects to get from his or her purchase. In the given case, Team builds in involved in services in which they provide session that shows how one group should work together.

Hence improved work team is their core service.

Whose responsibility is it to design, implement, and consistently review a risk-management system?

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The responsibility for designing, implementing, and consistently reviewing a risk management system typically falls on the organization or business itself, especially if it's a larger entity. In a business or organizational context, this responsibility often involves various stakeholders, including:

1. **Senior Management:** Senior executives and leaders within the organization play a crucial role in establishing the overall risk management framework, setting policies, and allocating resources for risk management efforts.

2. **Risk Management Team:** Many organizations have dedicated risk management teams or officers who specialize in identifying, assessing, and mitigating risks. These professionals often report to senior management.

3. **Employees:** Employees at all levels have a role in risk management. They must be aware of and adhere to risk management policies and procedures, report potential risks or issues, and participate in risk mitigation efforts.

4. **External Consultants:** In some cases, organizations may hire external consultants or experts to assess and improve their risk management practices.

5. **Regulatory Authorities:** Depending on the industry and location, regulatory authorities may require specific risk management practices and reporting. Compliance with these regulations is also a responsibility.

6. **Stakeholders:** Businesses have a responsibility to communicate their risk management practices to stakeholders, including investors, customers, and partners.

The specific responsibilities and structure of a risk management system can vary widely depending on the organization's size, industry, and risk profile. However, the key is to have a systematic approach to identify, assess, and mitigate risks that could impact the organization's operations, finances, reputation, and compliance with legal and regulatory requirements. This process should be ongoing and adapt to changing circumstances and new risks that may emerge.

Which of the follow statements best defines inflation?A.
Prices continue to fall, and there is a decline in purchasing power.

B.
Prices continue to rise, and there is a decline in purchasing power.

C.
Prices continue to rise, and there is an increase in purchasing power.

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Answer:

c

Explanation:

The _____ adds up the market prices of final goods and services to calculate Gross Domestic Product (GDP).

Answers

The Expenditure Approach adds up the market prices of final goods and services to calculate Gross Domestic Product (GDP)

The Expenditure Approach includes consumption expenditures, investments expenditures, government expenditures and net exports.

The Expenditure Approach is one of the 3 ways to measure economic production. The other 2 are The Production Approach and The Income Approach.

Answer: its actually product approach.

Explanation:The product approach adds up the final goods and services, using their market prices.  
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