Match the Characteristic to the Type of Justice

question 113

Short Answer

Match the characteristic to the type of justice.
A)Retributive justice
B)Restorative justice
-There is an emphasis on adversarial relationships

• A)Retributive justice
• B)Restorative justice
• -There is an emphasis on adversarial relationships

Differentiate between market and command economies in terms of risk management and economic performance.

Recognize the importance of innovation and consumer sovereignty in the market economy.

Understand the circular flow model and its implications for economic activity.

Explain the function of money as a medium of exchange.

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Definitions:

Economic Efficiency

A situation where the distribution of resources is designed to enhance the production of goods and services maximally.

Demand Conditions

Factors that affect consumer desire for a product or service, including income levels, tastes, and price of substitutes.

Cost Conditions

The various expenses that firms face related to the production and sale of goods or services, including raw materials, labor, and overhead costs.

Maximum Profit

The highest possible financial gain that a business can achieve from its operations.