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lara [203]
3 years ago
13

What are the function of an economic system

Business
1 answer:
densk [106]3 years ago
3 0

Answer:

The four main functions of an economic system are,

a). Production: This is concerned with hat goods and services will be produced in the economy.

b). Allocation: This is concerned with how these goods will be produced, that is using labor intensive technology or capital incentive technology.

c). Distribution: This is concerned with whom the goods are produced, that is how the share of the economic pie will be distributed.

d). Regeneration:  This function is concerned with allocating resources between consumption for present use and investment for future use.

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A new generation of lunch trucks in cities such as New York, San Francisco, and Los Angeles is serving high-end fare such as ham
AleksandrR [38]

Answer:

False

Explanation:

The case stated in question statement does not refer to focused differentiation strategy rather it is an example of Focused cost leadership strategy.

Focused cost leadership strategy is one that is competes on price margins targeting a narrow market and setting the price lower than other already existing competitors.

While, on the other end a focused differentiation strategy targets acquiring market by introducing some different product.

6 0
3 years ago
Read 2 more answers
Suppose that Greece and Switzerland both produce beer and olives. Greece's opportunity cost of producing a crate of olives is 5
Rama09 [41]

<u>Answer: </u>

Out of the following prices, the price of 7 barrels of beer per crate of olives would make the trade beneficial for both Greece and Switzerland.

<u>Explanation: </u>

  • As we know that in Greece, a single crate of olive costs five barrels of beer. Where on the other hand, in Switzerland, one crate of olive costs ten barrels of beer.
  • Hence, if Greece agrees on giving one crate of olives on every seven barrels (two barrels more than what it costs in Greece), the trade would be beneficial for Greece.
  • Similarly, if one crate of olives costs seven barrels of beer instead of ten barrels, the trade would be beneficial for Switzerland too.
3 0
3 years ago
____ institutions accept and manage customer deposits in checking and savings accounts.
gtnhenbr [62]

Answer:

The correct answer is depository institutions.

Explanation:

We denominate Depository institution to financial entities that can legally receive and manage monetary deposits from costumers.

This institution serves as a way to keep a person's money securely, and thus achieve the physical security of the person who owns the money, since having a certain amount of money with himself can be dangerous.

A client will give his money to a depository institution, which also have several types of bank accounts, and when the client wishes, that money will be returned.

The depository Institution, while saving your money, can use it to make investments or to lend to other costumers.

6 0
3 years ago
Richard Beck has a life insurance policy which he has modified to include an accidental death benefit payable to his son and dau
Ksju [112]

Answer:

The correct answer is number (1): double indemnity provision.

Explanation:

A double indemnity provision is added in life insurance to double the amount the beneficiaries of the policyholder receive in front of his or her death in an accident. Double indemnity provision does not cover events in which the policyholder dies because of natural reasons or when those individuals had hazardous jobs. Premiums are higher with a double indemnity provision.

7 0
4 years ago
A professor hypothesizes that there will be a relationship between couples' listening skills and length of marriage. she has a _
Kaylis [27]

The professor has constructed a hypothesis. This answer takes from the first statement mentioning how the professor predicts a relationship between two variables. A hypothesis can be used to make a statement that predicts a relationship or solve a certain phenomenon. It must be based off by facts and solid information. 

4 0
4 years ago
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