Answer:
Fraud is the correct answer.
Explanation:
Answer:
the experience curve
Explanation:
The experience curve refers to a company having lower production costs due to increasing experience of the manufacturing process.
This concept applies to most activities in life, do you remember "practice makes perfect", well practice is equal to experience. For example the first time you drove a car, it probably took you a long time to go from your point of origin to your destination. Your driving inexperience increased the costs of driving from one place to another (more time and fuel spent). But after a while, when driving was something normal you are able to drive the same distance at a lower cost (less time and fuel).
Imagine for a car company that is trying out a new model. The first units are usually assembled with several flaws that must be corrected and are used to research possible design or equipment flaws. Those failures are corrected as the workers acquire more experience.
Number one has the lowest government involvement and number four has the highest.
1. Market economy - In a market economy, the government has very little to do with the decisions regarding investment, production and distribution. Instead, these ideas come from the supply and demand that consumers create.
2. Mixed economy - A mixed economy companies private and public enterprises which has some government influence.
3. Socialist economy - A socialist economy is control by the government but still allows small ownership of productions and some say from individuals.
4. Communist economy - Controlled by the government with no influence from the public. Not a democratic society at all.
Market because it promotes competition which in return lowers prices and increases quality
When a 1 percent decrease in price produces more than a 1 percent increase in quantity sold, the product or service is an Elastic Demand.
<h3>
What is an Elastic Demand?</h3>
- Elastic demand is measured by its percent of change in demand divided by its percent of change in price, provided all other factors remain the same.
- If the change in price and change in demand is proportionate, the item is neither elastic nor inelastic.
- An item has elastic demand if its demand changes more than its price changes.
- For example, if two stores sell identical products of the same amount for different prices, incase of a perfectly elastic demand nobody would buy from the seller with higher priced product.
Learn more about Elastic Demand here:
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