Concept explainers
The relationship between the social security system and private insurance.
Explanation of Solution
Social insurance is a government program that provides social security and aid from any losses, such as accident, death, and so forth. It is compulsory that the government has pay to its citizens. It is paid through the tax payment of individuals. Both social and private insurance have similarities and dissimilarities. The similarities are, such as the similarity in wide pooling of risk, specific benefit definitions, definition of eligibility rules and amount coverage, and so on. There are also dissimilarities between them. The private insurance will give its emphasis on the individuals who are under coverage, whereas social security covers all participants. Private insurance is voluntary, and social insurance is mandatory. Therefore, it cannot be said that both insurances have the same principles, and also, it cannot be said that there are no relations.
Want to see more full solutions like this?
Chapter ST2 Solutions
Macroeconomics: Private and Public Choice
- Which of the following is an example of employment in the primary sector? Car salesman Miner College professor Carpenterarrow_forwardWhich of the following is an example of employment in the primary sector? Car salesman Miner College professor Carpenterarrow_forwardAngelo: Marijuana should be legalized A.All of Angelo’s friends smoke marijuana.b.Legalizing marijuana would reduce the consumption of marijuana and save lives, money, and resources.c.Angelo has already said on television that marijuana should be legalized.d.Angelo likes to smoke marijuanaarrow_forward
- Introduction and Problem Statement This report examines … [Include a statement of the main problem in the case.] Background [Detailed company/case background tying directly to the context of the specific case study. Summarize data from the case scenario that is pertinent to solving the stated problem.] Analysis [Thoroughly analyze the questions asked of you here as well as the main questions suggested within the case study.] Alternatives and Evaluation [This section should list some options available as solutions and discuss the pros and cons of each alternative.] Recommendations [This section should suggest the recommended solution and validation for this selection.] Action Plan [This section should provide a step-by-step actionable guide to achieve the recommended decision divided by short and long term activities.] Conclusion [Concisely summarize the case options, recommended decision and future predictions ofr the company.] References Include any references used.…arrow_forwardWhat is Bitcoin? How important is it to businesses and individuals? How does it cause environmental damage and is that damage worth continued uses of Bitcoin?arrow_forwardWhile visiting and chatting with an old friend who lives in a rural area, a man's teenage daughter joins the conversation and shared that she wants to work on a farm after she graduates from college and that farming is her passion. She shared the graph that follows from the Bureau of Labor Statistics that she recently obtained that shows the average wage (salary) by profession. She was very confused about why different professions pay people different wages. She was expecting the pay rate for people who work in the farming industry to be paid more than other “unnecessary” professions. While sharing the data with you, she asked the following questions: Why do workers in business and financial operations get paid more than those who work in farming and health care? After all, farmers make food and health care workers help people’s health. I don’t get it, but who decides how much people in certain professions get paid? I mean who decides how much I should be compensated for my work? Why…arrow_forward
- Instructions:- Need to do in assembly language. Submit your DOC file with all explanation, also submit your code file. no chatgpt pls no plagirism plsarrow_forward'producing more goods and services lowers environmental quality' is not the correct answer.arrow_forwardA movement along an economy's production possibility frontier with output on one axis and environmental quality on the other shows that: technological improvements may lead to a sustainable economy with higher consumption in the future and better an improved environment. producing more goods and services lowers environmental quality. producing more goods and services raises environmental quality. a high use of natural resources to produce more goods and services today may lead to an unsustainable economy with lower consumption in the future.arrow_forward
- Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningMacroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningEconomics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
- Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, IncPrinciples of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax