Answer:
Insurance is the procedure by which persons or companies exposed to a specific risk agree with an institution specializing in compensation for damage that the institution will indemnify the damage caused when the risk materializes. The resulting contract is called insurance.
From a commercial point of view, insurance can be defined as the means by which the cost of incidental damage can be converted evenly into a continuous annual cost on an annual basis.
It should be noted that wars in Iraq and Afghanistan have benefited some sectors of the U.S. economy such as those that manufacture arms, but has decreased growth in others such as tourism.
Wars in Iraq and Afghanistan serves as one of the descruction war in Iraq, where many lost their lives, however, US benefited from this because US manufactures ammunition.
Therefore, wars in Iraq and Afghanistan have benefited some sectors of the U.S. economy.
Learn more about war in Iraq at;
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Answer:
A. The demand of wheat and corn is basically inelastic and so increases in output drastically reduce price and income to the farmers.
Explanation:
Inelastic demand means the change in price does not affect the purchasers' buying power. The difference in price has relatively little effect on the quantity demanded. Since the demand for wheat is inelastic, price and income will reduce irrespective of increasing production. Therefore, harvesting massive production (wheat or corn) does not bring a high income.
The market system is also known as capitalism, while the command system is also known as communism. The market system is owned by private ownership, businessman and companies, hence it has capitalism concept. The command system is owned by a community or public.
Hence it can be said that
The market system is also known as <u>capitalism</u>, while the command system is also known as <u>communism</u>.
Answer:
a. just-in-time inventory.
Explanation:
A newly launched twenty-first century addition to production strategy which leverages lean manufacturing strategies, Six Sigma best practices, and real-time actionable intelligence from the factory floor is called Just in Time Inventory
By definition, Just in time (JIT) inventory is a production strategy which improves efficiency by reducing and almost eradicating wastes by receiving goods when they are needed at the production floor, thereby reducing inventory costs by erasing holding costs
