<u>Answer:</u>
<em>The factors of production typically include land, labor, capital, entrepreneurship, and the state of technological progress.</em>
<u>Explanation:</u>
In economics, capital typically refers to money. But money is not a factor of production because it is not directly involved in producing a good or service.
Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or pay wages. For modern mainstream economists, capital is the primary driver of value.
Answer:
The term Operating leverage refers to the degree to which a firm uses debt financing (or other types of fixed-cost financing) to fund its operations.
Explanation:
Operating leverage is a measure of how revenue growth translates into growth in operating income
Answer:
A government department is a sector of the UK government that deals with a particular area of interest. Government departments are either ministerial or non-ministerial departments.
Ministerial departments are led politically by a Government Minister, usually called a ‘secretary of state’ and supported by a team of junior ministers and civil servants, themselves led by a Senior Civil servant known as a permanent secretary, in charge of administrative management. Ministerial departments cover matters requiring direct political oversight, such as the Department for Transport or the Foreign Office.
Explanation:
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Answer:
$147,400
Explanation:
The computation of the cost of goods manufactured is shown below:
= Direct materials used + Direct labor cost + Manufacturing overhead cost + beginning work-in-process inventory - ending work-in-process inventory
= $56,400 + $30,100 + $52,400 + $29,000 - $20,500
= $147,400
We considered the applied manufacturing overhead cost instead of actual manufacturing cost
