Answer:
1) The correct word for the blank space is: Elinor Ostrom.
2) The correct answer is: Sharing common resources.
Explanation:
1 )Elinor Ostrom was born in Los Angeles, California -the U.S., on August 7th, 1933. Ostrom was an American politician who won the Nobel Prize in Economic Sciences in 2009 shared with Oliver E. Williamson (born in 1932) for her "analysis of economic governance, especially the commons".
2) Ostrom disagreed with the idea that central government management or the rights to private property are the only way to avoid the "Tragedy of the commons". After her research, Ostrom concluded that <em>when individuals use natural resources jointly, along the time rules on how resources must be taken care of and used are established economically and sustainably</em>.
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Explanation:( NOT AN ANSWER)
Answer:
scenario planning and scenario analysis.
Explanation:
Planning can be defined as the process of developing organizational objectives and translating them into action plans or courses of action.
This ultimately implies that, planning is a strategic technique used by organizations to make an aggregate plan for its manufacturing (production) process typically ahead of time, in order to have an idea of the level of goods that are to be produced and what resources are required so as to reduce the total cost of production to its barest minimum.
Contingency planning is also known as scenario planning and scenario analysis.
Basically, a contingency planning is a type of plan that is typically designed by a business firm to take into account a possible future circumstance or event based on a forecast.
<h2>
Both situations are examples of an economic problem.</h2>
Explanation:
Let us understand the term "economic problem"
Though the expectation of the people are endless, the "resources available" to satisfy the need is limited. This causes the "economic problem".
A student trying to decide how to spend his weekly allowance:
The need of student may be endless but still he is in a position to decide only based on the amount which he has to spend. He needs to prioritize the needs and then spend accordingly.
A country choosing to sacrifice some privacy to gain more security:
Under a compelled situation, the country has to sacrifice the privacy and then have to gain security. The loss due to negotiation of privacy is for sure and this leads to economic problem.
Answer:
True
Explanation:
Economic integration refers to an agreement between countries to eliminate trade barriers and coordinate their monetary policies. The integration allows to reduce trade costs, more employment opportunities as there is mobility and market expansion. Usually, this is considered a regional trading arrangement as it tends to be between neighboring countries. An example of a economic integration is the European Union. According to this, the statement is true.
