What Are the Three Strategies for Reducing Uncertainty? Give an Example

question 42

Short Answer

What are the three strategies for reducing uncertainty? Give an example of each strategy.

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Definitions:

Primary Labor Market

Refers to sectors that offer stable, well-paid jobs, often with good working conditions and opportunities for advancement.

Social Barriers

Obstacles that exist within societies, which prevent individuals or groups from accessing resources, opportunities, or rights, contributing to inequality.

Conglomerates

Large corporations that operate in several industries at the same time.

Laissez-Faire Economy

An economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.