Question

Which of the following best matches the description? Likelihood that a condition or action will lead to injury, damage, or loss.

1) risk
2) supply/demand curve
3) subsidy
4) probability
5) demand
6) risk assessment
7) risk management
8) sustainable development
9) negligible risk
10) external costs

Answer 1

The best match for the description referring to the possibility of harm or loss is 'risk.' It is essential in the context of uncontrollable economic risks affecting individuals' ability to provide for themselves and their families.

Step-by-step explanation:

The term that best matches the description 'Likelihood that a condition or action will lead to injury, damage, or loss' is risk. This is concerned with the possibility of encountering harm or loss in a given scenario and is particularly relevant when discussing economic risks over which individuals have little control, such as those arising from natural disasters, wars, or massive unemployment. These events can profoundly affect one's ability to provide for themselves and their families. Additional concepts related to risk include risk assessment, which involves evaluating the potential risks in a situation, and risk management, which refers to the development of strategies to mitigate or control those risks. When the effects of human activities on the environment are not fully understood, the concept of negligible risk implies that some harm is presumed, and thus activities must be approached with caution.