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2 years ago

Fundamentally, economics deals with:______.

1 answer:

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Fundamentally, economics deals with scarcity. Assuming humans have unlimited wants within a world of limited means, economists analyze how resources are allocated for production, distribution, and consumption. The study of microeconomics focuses on the choices of individuals and businesses, and macroeconomics concentrates,

On the behavior of the economy as a whole, on an aggregate level. One of the earliest recorded economists was the 8th-century B.C. Greek farmer and poet Hesiod who wrote that labor, materials, and time needed to be allocated efficiently to overcome scarcity. The publication of Adam Smith's 1776 book,

An Inquiry Into the Nature and Causes of the Wealth of Nations sparked the beginning of the current Western contemporary economic theories.

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A promissory note

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Answer: c. may be used to settle an accounts receivable.

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3 years ago

Name the 6 Holland Codes:

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Answer:

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3 years ago

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The Miller family owns and operates an interior decorating business. Henry installs hardwood floors and chair rails; Chloe reuph

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Answer:

A. specialization.

Explanation:

Specialization refers to dividing the job in different tasks and assigning a person to perform each one which makes that each person becomes an expert in the specific area. This could help to increase productivity, especially in manufacturing. This is the process the Miller family uses because they have divided the tasks and assigned each of them to a person.

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3 years ago

Alliance Company budgets production of 24,000 units in January and 28,000 units in the February. Each finished unit requires 3 p

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Answer:

Total direct material needed in pounds= 101,400 pounds

Explanation:

Giving the following information:

Each finished unit requires 3 pounds of raw material K that costs $3.00 per pound.

Each month's ending raw materials inventory should equal 35% of the following month's budgeted materials.

The January 1 inventory for this material is 25,200 pounds.

Production:

January= 24,000 units

February= 28,000 units

<u>Direct material budget:</u>

Production= 24,000*3= 72,000 pounds

Desired ending inventory= (28,000*0.35)*3= 29,400 pounds

Total direct material needed in pounds= 101,400 pounds

Purchases= production + desired ending inventory - beginning inventory

Purchases= 101,400 - 25,200

Purchases= 76,200 pounds

Direct material purchase cost= 76,200*3= $228,60

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3 years ago

when the forces of supply and demand lead to an inefficient outcome the economic surplus is maximized. economists call this a ma

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a. When the forces of supply and demand lead to an inefficient outcome: economists call this a market failure.

<h3>What is meant by market failure?</h3>

This is the term that has to do with the state where the market that is an economy can be said to not be working.

b. The question in this category needs us to be able to fill in the details from the question into the empty boxes. Therefore:

For the efficient box

a market in which economic surplus is maximized

For the inefficient box:

a market transaction in which buyers or sellers behave irrationally
a market transaction in which one party has information not available to other party
a market dominated by few powerful businesses
a market in which government regulation creates distortions