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2 years ago

After using the barter system, it was decided that a simpler medium of exchange needed to take place, and the result was to?

1 answer:

8 0

After adopting the barter system, it was determined that a simpler form of exchange was required, leading to the choice of a single good that could be freely exchanged for any other good with the consent of the parties.

<h3>What is a barter system?</h3>

In trade, barter (derived from baretor) is an exchange system in which parties engage in direct exchanges of one commodity or service for another without the use of a medium of exchange like money.

Tribes from Mesopotamia are most likely where the bartering system began circa 6000 BC. The Phoenicians observed the procedure and incorporated it into their culture. These prehistoric humans traded goods for the food, tools, and spices they required.

The lack of foreign currency and the imbalance in the trade do not exist under this system. Waste that happens in a monetary economy does not happen in a barter system. since neither an excess nor a shortage of products exists.

To learn more about the barter system refer to:

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8. Brady Inc. reported FIFO ending inventory of $114,000 and FIFO beginning inventory of $110,000 for 2018. Inventory purchases

atroni [7]

Answer:

$232,825

Explanation:

Step 1: Calculation of cost of goods sold (COGS) under First In First Out (FIFO)

Since we know that;

Ending inventory = Beginning inventory + Purchase - COGS of FIFO

Therefore, we can rearrange to make COGS the subject of the formula and substitute the values as follows:

COGS under FIFO = Beginning inventory + Purchase - Ending inventory

= $110,000 + $237,500 - $114,000 =

COGS under FIFO = $233,500

Step 2: Calculation of COGS under Last In First Out (LIFO)

COGS under LIFO = COGS under FIFO - Rise in LIFO reserve

= $233,500 - $675

COGS under LIFO = $232,825

Therefore, the value of COGS LIFO for Brady Inc. in 2018 is $232,825.

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3 years ago

Making selection decisions by subjectively combining sources of information according to the general impression of the hiring sp

adelina 88 [10]

This is often referred to as the clinical approach. The clinical approach is also known as the threshold approach to clinical decision making. This approach combines rational and quantitative information with a general approach to decision making. In this situation, say you were hiring a new employee, a person using the clinical approach would look at their resume in how they match up with numbers and on paper to the candidate their looking for but also who they are as a person in a general sense.

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3 years ago

The global air-traffic control system and the world's major stock markets are examples of what kind of systems?

m_a_m_a [10]

Answer:

its probably interconnected

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3 years ago

Variable costs of production $50 per unit Variable costs of sales and administration $25 per unit Fixed costs of production $100

malfutka [58]

Answer:

Number of units to be produced and sold= 7,000 units

Explanation:

Giving the following information:

Variable costs of production $50 per unit

Variable costs of sales and administration $25 per unit

Fixed costs of production $100,000 per year

Fixed costs of sales and administration $50,000 per year

Selling price= $100 per unit

Desired profit= $25,000

To calculate the number of units to be produced and sold, we need to use the break-even point formula:

Break-even point in units= (fixed costs + desired profit)/ contribution margin per unit

Fixed costs= (100,000 + 50,000)= 150,000

Unitary variable cost= (50 + 25)= $75

Break-even point in units= (150,000 + 25,000) / (100 - 75)

Break-even point in units= 7,000 units

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3 years ago

Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production

yuradex [85]

Answer:

The following scenarios from the listed are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States. They include;

1) The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government.

2) The variety of goods available to consumers

3) The costs of overfishing and other overly intensive uses of resources.

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4 years ago