The answer is product development. The formation of products with new or dissimilar features that agreement new or additional welfares to the customer. The product development may include alteration of an current product or its performance or formulation of an completely new product that gratifies a afresh distinct customer want or market place.
Answer:
$570,000
Explanation:
At the time of recording of the fixed assets, the fixed assets should be reported at purchase cost or historical price or originally cost or acquiring cost, whether all other values are given i.e appraisal value, the seller purchased value, similar warehouse book value, etc
So, in the given case, it would be recorded at $570,000 as the buyer purchase the building at this cost only.
A company's operating cycle refers to the average time that is required to go from cash to: cash in producing revenues.
<h3>What is an
operating cycle?</h3>
An operating cycle can be defined as the average time that it takes a company or business organization to buy goods, sell these goods and generate revenue (cash) from the sales of the goods.
This ultimately implies that, an operating cycle is simply the average time that is required to go from cash to cash in producing revenues, especially from the sales of the goods.
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The concept her is "the real cost of something is what you must give up to get it"
<u>Explanation:</u>
As we come across trade-offs it is a necessary to make decisions on the next best alternatives which is the principle of opportunity cost.
Opportunity cost is the benefits and advantages that a business entity or an individual loses on choosing one alternative decision over the other. It is calculated with the help of the following formulas,
Or,
In economical terms, choices are measured in terms of opportunity costs.
When people are able to use a certain object or objects to buy and sell goods and services, this is called Money.
<h3>What is money?</h3>
Simply put, money is a medium of exchange that allows people to exchange goods and services such that both parities to a transactions feel they got a fair deal.
This means that money can be anything ranging from hard currency, to other goods and services. For instance, if you used an apple to buy another apple, the first apple is money.
In conclusion, an object that allows people to trade for other goods and services is called Money.
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