Answer:
GDP as Gross Domestic Product
Explanation:
GDP termed as or stands for Gross Domestic Product, which is a broadest measure of total or aggregate economic activity of the nation in the terms of quantitative evaluation.
GDP states the monetary value of all the services and goods or products with the geographic borders of the nation over the particular period or time.
So, in this case, the aggregate value of all the goods and services by which the economic condition is assessed is referred to as GDP (Gross Domestic Product).
Answer:
utilitarian perspective
Explanation:
In simple words, utilitarian approach refers to a method for making decisions in case of ethical dilemmas. Under this approach, the decision making authority makes judgement by focusing on the greater good, that is, making judgement that benefits the most of the individuals and harm the least.
This theory states that every party's interest should be taken into consideration equally as every related individual to the judgement is capable of suffering . However this approach is used when it is not possible to benefit all the stakeholders equally.
The answer is: C. government should become involved in markets when those markets fail to produce efficient or fair outcomes.
When left without regulations, many companies decided to do unfair business practice such as putting materials that dangerous for the consumers or giving their employees with unfair wages.
Because of this, government need to step in and make regulations to watch over the companies. (such as determining which materials would be safe as ingredients or creating legislation that regulate the minimum wages in the state)
Answer:
Production efficiency.
Explanation:
It's production is efficient because produces products at a lower cost that the competition.
It's not allocative efficiency, because when this happens, production represents costumers preferences.
