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Marianna [84]
3 years ago
11

Weston drives a car that was a birthday gift from his father almost a decade ago. In spite of the age of the car, Weston enjoys

driving around in it. However, as a partner in a major law firm he is expected to drive an expensive, luxury automobile, and he is disrespected by other partners for having an older car. In this scenario, there is a high degree of _____ for Weston.
Business
1 answer:
Basile [38]3 years ago
8 0

In this scenario, there is a high degree of social risk for Weston.

<h3><u>Explanation:</u></h3>

That act that has impacts on the people surrounding a person refers to social risk. The adverse effects that are caused as a result of actions of a particular person refer to social risk. Some of the examples of social risks include issues associated with labours, corruptions, etc. Most important things that are the result of social risk is the health related hazards.

Social risk also associates with the way the people treats the other based on certain criteria’s. In the given example Weston is driving a car that was presented as a gift by his father a long time ago. But as a partner of a law firm he thinks that others will disrespect him because of the car he drives. In this scenario, Weston has high degree of social risk.

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The definition of short-run in economics is not a term to be used for a specific certain period of time but it means that the period of time is too short that the firms cannot change the level they are using of some of their inputs or costs. It means they do have fixed costs they cannot change. For example, all machinery installed, a yearly rent paid, electricity or others that the firm cannot change unless there is sufficient time. In a short period of time, it will have those costs anyway. The firm cannot change the level of that input. And it is short run of at least one input. It may be many. But it is not necessary to have all inputs unchanged to consider that period of time as short-run.

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