Discuss the Limitations of Representative Democracy in Terms of Principal-Agent

question 24

Essay

Discuss the limitations of representative democracy in terms of principal-agent problems and transaction costs.

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Definitions:

Tax-Deductible Gifts

Donations made to qualified nonprofit organizations that can be subtracted from one's income before calculating the owed taxes, effectively reducing the total taxable income.

Business Plan

A business plan is a formal document detailing a company's objectives, strategies, target market, and financial forecasts, guiding its operation and growth.

Tech-Savvy World

A society or environment that is highly knowledgeable and proficient with technology and digital tools.

Business Plan

A formal document outlining a company's goals, strategies, market analysis, financial forecasts, and operational requirements.