Answer:
The way scarce resources get distributed within an economy determines the type of economic system. There are four different types of economies; traditional economy, market economy, command economy and mixed economy. Each type of economy has it’s own strengths and weaknesses.
Explanation:
Answer:
A president is most likely to use an executive order to implementing policy when Congress refuses to pass laws the president supports.
Explanation:
An executive order is a directive issued by the President that has the force of law. However, executive orders are subject to judicial review. This means that they can be overturned by the courts if they lack support by the Constitution.
Only the President can issue an executive order because of his role as head of state and Commander-in-Chief of the Armed Forces.
Only Congress can officially declare war, impeach the President, impeach/appoint new judges (House of Reps), ratify treaties (Senate), and also levy taxes. There is also a bit more Congress can do.
Answer:
The correct answer is option a.
Explanation:
Accounting profit is the difference between total revenue earned and total explicit costs incurred in the process of production. Explicit cost is the direct cost involved in the production process.
The economic profit is the difference between the total revenue earned and the total explicit as well as the implicit cost incurred. The implicit costs are the indirect cost or opportunity cost of production.
Since accounting profit does not take into account implicit costs, it is greater than economic profit.
