The European Union Data Protection Directive Requires Member Countries to Ensure

question 20

True/False

The European Union Data Protection Directive requires member countries to ensure that data transferred to non-European Union countries is protected.

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Definitions:

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing a profit above the opportunity cost.

Explicit and Implicit Costs

Explicit costs are direct payments made to others in the course of running a business, like wages or rents, while implicit costs represent the opportunity costs of using resources owned by the business.

Marginal Costs

The cost of producing one additional unit of a good or service, reflecting the change in total cost that comes from a one unit increase in output.

Marginal Benefits

The additional benefit received from consuming or producing one more unit of a good or service.