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Papessa [141]
3 years ago
10

What is the difference between a command economy and a traditional economy?

Business
1 answer:
Debora [2.8K]3 years ago
8 0
A traditional economy is an economy wherein the people primarily subsists on growing their own food and produce. Usually, just about the right amount is produced and if there is any excess, it is given to the local lords. Also, bartering is the main practice of trading in a traditional economy. In a command economy, it is a dictator who will dictate who should make what and how much of a certain product should be made. The government will also decide at what price the people will price the products. 
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On October 1, 20X6, Susan Thompson opened Thompson Decorating Services, a sole proprietorship. Susan began operations with $50,0
galben [10]

Answer: income statement: Net income $5,100, Statement of owners Equity :Total $35,100, Balance sheet : Total Liabilities $53,200, Total Asset $53,200

Explanation:

Thompson Decoration Services

Income Statement for the month ended 31 st October 20X6

$

Revenue. 18,300

Less Expenses

Salaries. 8,700

Advertising 2,500

Less: outstanding 700

-------

1,800

Taxes. 150

Postage. 1,800

Utilities. 100

Interest. 450

Miscellaneous. 200

------------

13,200

--------------

Net income. 5,100

-----------------

Statement of owners Equity for the month ended 31st October 20X6

Common Stock. Paid in capital. Retained Earnings Treasury stock Total

Balance Oct 1. 30,000. 30,000

Issued share for cash. - - - - -

Purchase of treasury stock - - - - -

Net income. - - 5,100. 5,100

Cash dividend. - - - - -

Stock dividend. - - - - -

------ ------ --------- ---------- -------------

Balance on Oct 31. - - 5,100 - 35,100

---------- -------- -------- ---------- --------------

Thompson Decoration Service

Balance sheet for the month ended 31st October 20X6

$

Current Asset

Debtors. 4,100

Account Receivable 14,200

-----------

Total Current Asset. 18,300

Fixed Asset

Van. 16,000

Office Equipment. 4,000

Furnishing. 14,900

-----------

Total Fixed Asset. 34,900

--------------

Total Asset. 53,200

---------------

Long term Liabilities

Capital. 30,000

Add: Net income 5,100

----------

35,100

Less: Drawing. 5,500

-----------

29,600

Loan. 20,000

-----------

Total Long term Liabilities 49,600

Current Liabilities

Outstanding 2,800

Interest. 450

Taxes. 150

Miscellaneous 200

--------------

Total Current Liabilities 3,600

--------------

Total Liabilities. 53,200

----------------

4 0
3 years ago
Read 2 more answers
The management of Firebolt Industries Inc. manufactures gasolineand diesel engines through two production departments, Fabricati
GalinKa [24]

Solution:

Single factory overhead amount: the amount at which plant overheads or processing overheads are assigned to goods is referred to as single plant overhead rate.

Formula to measure a single plant-wide overhead rate:

Single plant-wide overhead rate :

\frac{Total budgeted factory overhead}{ Total budgeted plant-wide allocation base}  

Different development team overhead rate: this distribution system describes the various divisions engaged in the manufacturing cycle. Factory overheads are assigned to goods on the basis of the overhead cost for each of the manufacturing units.

Formula for calculating various output department overhead:

Multiple production department overhead rate:

\frac{ Budgeted department factory overhead}{ Budgeted department factory overhead}

For calculate: single plant-wide overhead rate use direct working hours (DLH) as the allocation basis, and measure factory overhead.

Using DLH as the allocation basis to measure a single plant-wide overhead limit.

Single plant-wide overhead rate :  \frac{Total budgeted factory overhead}{ Total budgeted plant-wide allocation base}

                                                     = \frac{80,000}{10,000 DLH}

For calculate: single plant-wide overhead rate use direct working hours (DLH) as the allocation basis, and measure factory overhead.

Using DLH as the allocation basis to measure a single plant-wide overhead limit.

4 0
3 years ago
State of Economy Probability of State of Economy Rate of Return if State Occurs Recession .32 − .11 Boom .68 .23 Calculate the e
butalik [34]

Answer:

1) Expected return is 12.12%

2) Portfolio beta is 1.2932

Explanation:

1)

The expected return can be calculated by multiplying the return in a particular state of economy by the probability of that state occuring.

The expected return = (0.32 * -0.11) + 0.68 * 0.23

Expected return = 0.1212 or 12.12%

b)

The portfolio beta is the the systematic riskiness of the portfolio that is unavoidable. The portfolio beta is the weighted average of the individual stock betas that form up the portfolio.

Thus the portfolio beta will be,

Portfolio beta = 0.33 * 1.02 + 0.2 * 1.08 + 0.37 * 1.48 + 0.1 * 1.93

Portfolio beta = 1.2932

4 0
3 years ago
Read 2 more answers
Jayhawk Foods Inc. is a snack manufacturer that wants to expand globally. Few people abroad are familiar with Jayhawk Foods snac
cestrela7 [59]

Answer:

the answer is option B) the leaders of Jayhawk Foods should pursue a multidomestic strategy that includes new "local" brands.

Explanation:

Understanding how best to meet your customers needs is a sure way to maximize profits and generate more sales.

Having identified the need for a high degree of local responsiveness when it comes to food, Jayhawk Foods Inc., a snack manufacturer that wants to expand globally should pursue a multi domestic strategy for their branches globally.

Multi Domestic strategy is an international marketing strategy that is responsive to the local market by driving advertising and sales efforts towards the needs that the local consumers are most responsive to.

3 0
3 years ago
International monetary analysis focuses on Group of answer choices the international trade side of the international economy. th
Ganezh [65]

Answer:

the monetary side of the international economy, such as currency exchange.

Explanation:

Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace. Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world.

An exchange rate can be defined as a number used to represent the value of one country's currency in comparison to another.

International monetary analysis focuses on the monetary side of the international economy, such as currency exchange.

6 0
3 years ago
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