True, all business live on competition. Whatever other's may have they compete to make theirs better than the other to make a profit
Insurance is a social and merit good as it makes financially risk averse people better off. It can help protect a business or a person from financial loss, liabilities or instability in the case of an owner or business partner's death. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.
Answer:
<em>Countries will completely specialize in the product in which they have a comparative advantage if free trade is allowed to occur. ( first choice)</em>
The earnings in a cooperative are shared with member owners. The cooperative societies distribute the profits to its members based on the business transacted with the Cooperative society.
Answer:
$580 billion
Explanation:
Given that
GNP = $600 billion
Receipts of factor income from the rest of the world = $50 billion
Payments of factor income to the rest of the world = $30 billion
So, The computation of the GDP is shown below:
= GNP - Receipts of factor income from the rest of the world + Payments of factor income to the rest of the world
= $600 billion - $50 billion + $30 billion
= $580 billion