Answer: a legal minimum on the price at which a good can be sold.
Explanation:
A price floor is the lowest price the government approves for a product sales, in other words the product cannot be sold below the price floor. The price floor is set to protect the sellers from running at a loss in case the market price of a product is less than the expenses made in producing/buying that product.
Answer:
a. work in process inventory
Explanation:
In Business, an inventory is a term used to describe a list of finished goods, goods still in the production line and raw materials that would be used for the manufacturing of more goods in a bid to meet the unending consumer demands.
Simply stated, an inventory can be classified into three (3) main categories; finished goods, work in progress, and raw materials.
An inventory is recorded as a current asset on the balance sheet because it's primarily the most important source of revenue for a business entity.
Also, the three (3) main cost concept associated with an inventory are;
1. First In First Out (FIFO).
2. Last In First Out (LIFO).
3. Weighted average cost.
Goods that are partially completed by a manufacturer are work in process (WIP) inventory.
C) Credit card is an electronic card directly connected to a checking account
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Answer:
a. PPI or Producer Price Index because it measures the input used for production.
b. CPI or Consumer Price Index because it measures the cost of common household purchases.
Explanation:
Inflation is general rise in the price level. There are various measures of inflation such as CPI, RPI, CPIX, CPI-CT and core inflation. This inflation measure selection is based on the scenarios by which criteria is made for selection. The businessmen will measure inflation with a different method as compared to a common man.
a. A factory owner will measure the inflation based on PPI. Producer price index measures the change in price of goods sold by manufacturer.
b. A teacher union will measure the inflation as CPI. Consumer price index is the best measure of inflation for a consumer.
