Answer:
B. They make choices based on their self-interests.
Explanation:
A market economy can be defined as the economy of a country where by the government has a minimal influence or intervention on how the market operates.
A market economy is regulated by the individuals that owns the businesses in that economy. These individuals have the ability to direct resources that they need from production to their firms and businesses.
A market economy is largely or greatly influenced and regulated by the rate of supply and demand. Consumers in a market economy have to sometimes paid a high price for the goods and services that they require. Consumers make financial decisions in a market economy by making their choices based on self interests.
A market economy is a very competitive economy because
a. the demand of goods and services by consumers have increased therefore this results in an increase in production of goods and services.
b. The producers tend to high innovative when producing this goods and services required by the consumers.
In a market economy, businesses and firms tend to have an increased of a very high rate of efficiency when producing goods and services such that they minimise or lower the cost of production while ensuring that they make high or huge amounts of profits.
Answer:
enforceable by Barry, the purchaser, and he can recover from the insurer if applicable.
Explanation:
GavelCo has violated a statute when it sold the insurance policy to Barry in Colorado. If due to this failing on the part of GavelCo Barry has an issue with the insurance coverage, he has a right to enforce the insurance contract on GavelCo.
If there is a coverage he is entitled to he can recover it from GavelCo.
Even when an insurer violates a statute when issuing insurance, the purchaser can still recover from the insurer.
Answer:
These statements are correct:
- It makes it easier to compare prices across Europe - the Euro is the common curriency across 19 countries, but prices in those countries are far from being the same. For example, Germany is a lot more expensive than Greece (although a lot wealthier too), and Greek people can easily find out that the same product in Germany costs more euros than in Greece.
- It makes Europe an optimal currency area - in the Eurozone, economic efficiency is now higher because resources can be allocated across different countries thanks to the fact that prices can be compared in the region.
Answer:
Total revenue is the total amount of income that a firm obtains from selling goods or services. Average revenue is the average amount of income that a firm obtains for each unit of product , and marginal revenue is the extra amount of revenue that the firm obtains from the sale of one additional unit of product.
These three types of revenues have several relationships, for example, if total revenue increases more than total quantity, it means that marginal revenue is high. Another relationship is between marginal revenue and average revenue: when average revenue decreases, marginal revenue increases and viceversa.
Answer: function
Explanation:
Functional departmentalisation is when units in an organisation are created according to the functions they serve.
When an organisation has a marketing department, a production department, a finance department, and a human resources department, it is practicing functional departmentalisation.
Functional departmentalisation enhances :
1. easy coordination of activities.
2. specialisation by members of staff.
Other forms of departmentalisation includes:
1. Product departmentalisation- it is used in a firm that produces many products. Units are created based on the different products been made.
2. Geographical departmentalisation- here units are formed based on the geographical location the unit caters to.
3. Customer departmentalisation- units are created based on the diferent customers that are been catered to.
