Explanation

The term Bureaucracy basically refers to a system of government in which most of the important decisions are taken by state officials rather than by elected representatives.

Democracy means Government by the People 

Gerontocracy means Government by old men.

Kekistocracy means a Government run by the worst citizens.

Explanation

Economists divide the factors of production into four categories: 

land,

labor,

capital, 

entrepreneurship.

Explanation

The social security system (sometimes called the benefits system) is an important influence on the distribution of income.

The social security system matters for health because it provides financial support for people across society including

disabled people

unemployed people

people on low incomes

people with long-term conditions.

Explanation

Non-durable goods are tangible goods that are low priced and normally consumed in one or few uses every day or any time of the day such as:

soaps,

biscuits,

shampoos,

deodorants,

Explanation

Demand is price inelastic if the absolute value of the price elasticity of demand is less than 1;

it is unit price elastic if the absolute value is equal to 1;

and it is price elastic if the absolute value is greater than 1.

Explanation

the doctrine of impossibility was that the event

that made perform- ance impossible must have been unforeseen by the parties at the time the contract was made. 

Explanation

Diversification is a strategy that mixes a wide variety of investments within a portfolio in an attempt to reduce portfolio risk. 

Diversification is most often done by investing in different asset classes such as stocks, bonds, real estate, or cryptocurrency.

Explanation

when government revenue exceeds government expenditure, it is known as surplus budget.

A budget surplus often refers to the financial states of governments; individuals prefer to use the term 'savings' instead of the term 'budget surplus.

Explanation

A blind ad is a job advertisement that contains no identifying information about the employer placing the ad. 

Explanation

The Capital Asset Pricing Model (CAPM) is a model that describes the relationship between the expected return and risk of investing in a security.

It shows that the expected return on a security is equal to the risk-free return plus a risk premium, which is based on the beta of that security.