Standard costs have the following characteristics which include:
- Used in preparing fixed budgets.
- Based on past experience and data.
- Used in preparing flexible budgets.
<h3>What is Standard cost?</h3>
This refers to the estimated cost involved in the production of goods and services and is usually compared with the actual cost to measure disparities.
It is usually gotten based on past experience and data and can be used to prepare different types of budget used by different organizations and government as a whole.
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It does not require institutions to offer<span> identical </span>sports<span> but an </span>equal opportunity<span> to play.</span>
Economists have long recognized that investment is a crucial source of productivity and economic growth. By providing workers with more capital and thus improving labour productivity, tangible investment expands output and raises living standards.
If economics deals with personal finance or how you spend, save and invest our money then it deals with public goods, defence goods or luxury goods.
Given that economics also deals with personal finance, or how you spend, save, and invest your money.
We are required to tell on which the things the money could be spent.
Money can be spend on purchasing:
- Public goods,
- Defense goods,
- luxury goods.
Public goods are those goods which are necessary goods for the survival of people.
Defense goods are those goods which a government uses in order to protect the public.
Luxury goods are those goods which are not necessary for the survival but shows personality,etc.
Hence if economics deals with personal finance or how you spend, save and invest our money then it deals with public goods, defence goods or luxury goods.
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