Answer:
Gross pay
Explanation:
Gross pay is before all taxes and deductions. Therefore that value is greater than net pay which is after all taxes and deductions
Answer:
Economies of scale
Explanation:
As the production increases, the cost per unit of a single product type decreases.
Answer:
the weekly grocery bill in 4 years is $486.2025
Explanation:
The computation of the weekly grocery bill in four years is shown below:
= Estimated amount × (1 + rate of interest)^number of years
= $400 × (1 + 0.05)^4
= $400 × 1.21550625
= $486.2025
hence, the weekly grocery bill in 4 years is $486.2025
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Answer:
Socialism involves an economic ideology in which the government or state plays a strong role in the economy and may own stakes in certain businesses
Explanation:
Socialism is an Economic system owned, managed & run by state (government). The central problems of economy : what, how, for whom to produce - are solved by state. State decisions are based on social welfare guidelines. Market forces are insignificant, private accumulation of property is not there.
However, in Capitalist system - resources are owned, managed, controlled by private sector. The central problems of economy are solved by private sector, as per market forces & profit maximisation guideline. Private accumulation of property is allowed. The system has two classes : Bourgeoisie (Capitalist wealthy entrepreneur class) & Proletariat (Labourers)
So, Socialism having everything under state control, has no classes -Bourgeoisie (entrepreneurs) & Proletariat (Labourers). Hence, it is a Classless Economic System
