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Arisa [49]
2 years ago
5

How does scarcity determine the economic value of an item?.

Business
1 answer:
malfutka [58]2 years ago
7 0

Scarcity has an impact on how people value goods and services, as well as how governments and private companies divide resources. The infinite wants of the consumers define the economic value of an item.

<h3>What factors influence the economic value of an item?</h3>

The relationship between supply and demand for a specific product determines relative scarcity.

The scarcity principle is an economic theory that explains the dynamic supply-and-demand price relationship.

The scarcity principle states that if an item has a low supply and a high demand, the price will rise to meet the predicted demand.

Check out the link below to know more about scarcity;

brainly.com/question/27445025

#SPJ1

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Freedom of ownership is part of what and what environment
lys-0071 [83]

Freedom of ownership is part of the government and the public sector business environment.

<u>Explanation:</u>

Freedom of ownership or a sharing vision offers a number of opportunities in the business environment. It allows the government to control the costs, generate the economies of scale and bargain costs down internally.

The freedom of ownership permits access to complex, specialized skills that can not be sourced locally. So this allows the government sector or the public sector environment to run the business successfully and to run it efficiently.

6 0
3 years ago
On 20/07/2019, "ABC" Company sold goods to customer "X" with a total value of $120.000 The customer pad
shepuryov [24]

Answer:

1) total sales revenue = $120,000

this amount holds regardless of how much money was collected in cash or if an account/note receivable was recorded

2) the company must recognize interest revenue:

principal = $72,000

interest revenue = $72,000 x 10% x 40/360 days = $800

Dr Interest receivable 8000

    Cr Interest revenue 800

4 0
2 years ago
The three areas in which Americans spent most of their money are
algol13
B clothing, entertainment, and health care
4 0
2 years ago
XYZ Company produces a significant daily amount of electronic waste. The company disposes the waste into the ocean despite stric
natima [27]

Answer:

Legal responsibility

Explanation:

Since there have been regulations put in place by the government, it is thereforre a legally binding agreement between XYZ company and any other companies that does same as XYZ company.

The failure of XYZ company to honour the set regulations is a breach in its legal responsibilty alongside its corporate social responsibilty as well and it can be taken up by the government by either charging the XYZ company to court or revoking their operating license.

Cheers.

6 0
3 years ago
g An automobile dealer expects to sell 529 cars a year. The cars cost $11,000 plus a fixed charge of $500 per delivery. If it co
harkovskaia [24]

Answer:

Order size = 23 cars

The number of orders = 23

Explanation:

The economic order quantity (EOQ) is the order size that reduces the balance of holding and ordering cost. It is to be noted that at EOQ, the carrying cost is equal to the holding cost.

The EOQ is computed as shown below;

= √ 2 × Co × D)/Ch

Co = Ordering cost

D = Annual demand

Ch = Carrying cost

EOQ = √ 2 × 500 × 529 / 1,000

EOQ = 23

Number of cars to be ordered per time, I.e optimal order size = 23

Order size = 23 cars

2. The number of times orders should be placed per year would be calculated as;

Number of orders = Annual demand / Order size

Number of orders = 529 / 23

Number of orders = 23

4 0
2 years ago
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