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3 years ago

What is an example of a scarce factor of production?

Business

2 answers:

Maru [420]3 years ago

7 0

Answer:

An example of scarce source of production is "Labour"

Explanation:

An example of scarce source of production is "Labour"

Labour

This refers to the work done by those who contribute to the production processes. Many people not in paid employment also provide things that are needed by people. For example, a woman might not hold a job in order to raise her children and look after the home. Some people are more productive in the work place than others because they have different levels of education, training and experience. They are said to possess a greater amount of human capital. This implies that this factor can be enhanced in an economy through educational initiatives and investment in training.

Softa [21]3 years ago

5 0

Answer and explanation:

The factors of production are land, labor, capital, and entrepreneurship. The most immediate scarce factor of production is land. Land represents all natural resources that are used to produce goods and services. However, those resources are limited -e.g. water, wood, oil- which implies individuals must find a way to rationalize its use while fulfilling their needs.

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Economists' estimates of price elasticities can differ somewhat, depending on the time period and on the markets in which the

wolverine [178]

Answer:

Range of price elasticity of demand for cigarettes is from (-0.5) to (-0.3).

Explanation:

Percentage increase in price = 10%

Percentage reduction in quantity demanded = 3% to 5%

We are taking percentage change in the quantity demanded is equal to 3% for now.

Initial price elasticity of demand for cigarettes:

= Percentage change in quantity demanded ÷ Percentage change in price

= -3 ÷ 10

= -0.3

Now, we are taking percentage change in the quantity demanded is equal to 5%.

price elasticity of demand cigarettes:

= Percentage change in quantity demanded ÷ Percentage change in price

= -5 ÷ 10

= -0.5

Therefore, the range of price elasticity of demand for cigarettes is from (-0.5) to (-0.3).

5 0

4 years ago

During 2013, Stein Corporation reported net sales of $3,500,000 and net income of$2,100,000. Stein also reported beginning total

lana66690 [7]

Answer:

b.2.8 times.

Explanation:

Asset turnover = net sales/average total assets

From Stein Corporation report,

Net sales = $3,500,000

Beginning total assets = $1,000,000

Ending total assets = $1,500,000

Average total asset = ($1,000,000 + $1,500,000)/2

= $1,250,000

Asset turnover = $3,500,000/$1,250,000

= 2.8 times

Option b is right.

5 0

3 years ago

janie curtis borrowed $22,000 from a bank at an interest rate of 9% compounded monthly. this loan is to be repaid in 36 equal mo

Margaret [11]

Answer:

Explanation:

Given:

PV = $22,000

r = 9% /12 = 0.09/12 compounded monthly

n = 36

we need to find the payment per month:

= $\frac{rPV}{1 - (1+r)^{-n} }$

= $\frac{0.0075*22000}{1 - (1+0.0075)^{-36} }$

= $ 699,59

Hence, after 20th payment, she already paid:

$699,59 * 20 = $13,991.8

After we find out the Future value:

FV = PV $(1+i)^{n}$

=$22,000( $(1+0.0075) ^{36}$

= $28,790.20

At the end, the total amount she must pay at that time is:

FV - The amount she has already paid

= $28,790.20 - $13,991.8

=$14,794.4

Hope it will find you well.

8 0

3 years ago

Ajax, Inc., issued callable bonds with a par value of $1,000,000 that require the payment of a call premium of $10,000. The bond

stepan [7]

Answer: please see explanation column for answers.

Explanation:

The journal entry is as follows:

To record the bonds payable and retirement

Date Account titles and explanation Debit Credit

Sept 30, Bonds payable $1,000,000

Loss on bonds retirement $20,000

To Discount on bond $10,000

To cash $1,010,000

Calculation:

Loss on bonds retirement:Total Cash disbursements - carrying value

= (par value of the bonds+ call premium) -carrying value

= ($1,000,000 + $10,000) - $990,000

= $1,010,000 - $990,000

= $20,000

4 0

3 years ago

Anne's employer matches 25% of her 401(k) contributions - up to $2000.

muminat

Answer:

The correct answer is D. US$ 1,750.

Explanation:

The data we have is the following:

Anne's employer matches 25% of her contributions up to US$ 2,000

She contributed to her 401(k) plan with US$ 7,000 last year

Therefore, her employer contribution is calculated this way:

Employer contribution = Anne's contribution * 0.25 (up to US$ 2,000)

Employer contribution = 7,000 * 0.25

Employer contribution = US$ 1,750 (below the limit of US$ 2,000

Anne's employer contribution last year to her 401(k) was US$ 1,750

6 0

3 years ago