Define the following terms:
(1) Pure risks.
(2) Speculative risks.
(3) Demand risks.
(4) Input risks.
(5) Financial risks.
(6) Property risks.
(8) Environmental risks.
(9) Liability risks.
(10) Insurable risks.
(11) Self-insurance.
Should a firm insure itself against all of the insurable risks it faces?
Explain.
