Traditional economies still produce products and services that are a direct result of their beliefs, customs, traditions, religions, etc. Vast portions of the world still function under a traditional economic system. These areas tend to be rural, second- or third-world, and closely tied to the land, usually through farming.
However, there is an increasingly small population of nomadic peoples, and while their economies are certainly traditional, they often interact with other economies in order to sell, trade, barter, etc.
Learn about the complexities of globalization and how it shapes economic relationships and affects cultures with this <span>great class on the geography of globalization.</span>
Answer:
The answer is B.
Explanation:
Economic profit is the difference between total revenue and both explicit cost and implicit cost. i.e Total revenue - explicit cost - implicit cost.
Explicit cost is also known as accounting cost. They are the cost that are directly related to the production of goods and services while implicit cost is the opportunity cost of chosen to produce the goods and services.
In perfectly competitive market, firms continue to enter the when economic profit is still positive (with this, they are generating normal profit) but cease to enter when the profit drops to zero(with this, they are making loss)
So therefore, firms will enter until economic profits are zero.
Answer:
a documenting and sharing a risk
Explanation:
In the world of risk management, there are four main strategies:
Avoid it.
Reduce it.
Transfer it.
Accept it.
9 Types of Effective Risk Management Strategies
Identify the risk. Risks include any events that cause problems or benefits. ...
Analyze the risk. ...
Evaluate the risk. ...
Treat the risk. ...
Monitor the risk. ...
Avoidance. ...
Reduction. ...
Sharing.
Answer and Explanation:
According to the given situation,
The car with the club enforces on the car without the club a negative externality if a robber experiences a car with the club and a car without them. A policy implication of that result is a tax on those who use the club.
If a car thief reaches two cars even without club, however the car thief is afraid to build a lojack system in one of cars, the car with the Lojakc system forces on the other car positive externality. A resulting policy consequence is a subsidy for those who use the Lojack system.
Answer:
The Correct answer is "Because it supplies a higher quantity of output than a single price monopolist"
Explanation:
A cost segregating monopolist charges distinctive cost to various gathering of shoppers based on their capacity to pay, which empower it to create higher amount than a non-separating monopolist. Since it supplies a higher amount of yield than a solitary value monopolist.
