What can a producer gain by specializing? Absolute advantage
When someone specializes in their field, they being an expert in that subject. Absolute advantage is the ability of a person or group to carry out an economic activity better than another. If someone focuses on it and specializes in one area, they are more likely to create an absolute advantage in that area.
Some pros and cons of the informal economy:
1.) What are the advantages of the informal economy? (Pros)
1.1) Tax free remuneration and paid immediately in cash
1.2) Entrepreneurial spirit and having more control over your own life due to independence
1.3)Occupational skill building
1.4) Employment arrangements are relaxed and comfortable
1.5) It is the best solution to a temporary problem
2.) What are the disadvantages of an informal economy? (Cons)
2.1) There are no benefits for employees
2.2) The security of the economy is not guaranteed / lacking
2.3) There is a very limited credit establishment opportunity
2.4) People tend to slack in their work ethic
2.5) Not reporting income carries with it a lot of risk and penalties
<span>C. a code of behavior
</span>Hope this helps.
Congress must generally approve interstate compacts because they involve several states. An example is prevention of forest fires.
