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Which of the following social insurance program,signed into law by President Lyndon B.Johnson,is wholly administered by the federal government?
Explicit Costs
Explicit costs refer to the direct, out-of-pocket payments made by businesses for the resources they use, such as wages, rent, and materials.
Uninsurable Risk
An eventuality for which the frequency or magnitude of potential losses is unpredictable or unknowable. Insurance companies are not willing to sell insurance against such risks.
Consumer Tastes
Preferences or likes and dislikes of consumers that influence their purchasing behavior and are affected by cultural, social, personal, and psychological factors.
Business Firm
An organization engaged in commercial, industrial, or professional activities, aiming to earn profits by providing goods or services.
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