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Ede4ka [16]
2 years ago
10

Factors of production are? scarce in every society. scarce only in advanced countries. scarce only in the poorest countries of t

he world. unlimited in quantity.
Business
1 answer:
Rashid [163]2 years ago
6 0

Factors of production are scarce in every society.

<h3>What are the factors of production?</h3>

Factors of production are the resources that are used in the production of goods and services. Factors of production are scarce and this is why it is important to use them in the activities that would maximise their use.

There are four factors of production in economics. They include - land, labor, capital and entrepreneurship.

Land includes all the natural resources that are used to produce goods and services e.g. gold mine. Labor is the human effort that is exerted in  the production of goods and services. Capital includes machinery and man made resources used in production. An entrepreneur is a person who combines the other factors of production together

To learn more about factors of production, please check: brainly.com/question/12342608

#SPJ1

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Because customers have different needs and expectations, the key to distributive fairness in service recovery is
denpristay [2]

Answer:

Because customers have different needs and expectations the key distributive fairness in

resolve the problem quickly.

7 0
3 years ago
Eastern Products, Inc. has an attractive package of fringe benefits that costs the company $4 for each hour of employee time (ei
hammer [34]

Answer:

$192 will be allocated to the direct labor cost while $8 will be allocated to manufacturing overhead.

Explanation:

Costs relating to idle time are part of the fringe benefits that are related to direct labor and they are parts of the benefits given to workers.

Idle time is the number of time in which workers are idle during the normal working hours or day. Some of the causes of idle time include defective materials, power outage, faulty machine, shortage of raw materials, and among others.

In cost accounting, idle time costs are not included in the direct labor costs but are considered as indirect labor costs. Idle time costs are therefore included in manufacturing overhead cost.

From the question,

Direct labor cost = (Number of hours worked by Robert – Idle hours) × hourly rate

Direct labor cost = (50 - 2) × $4

                            = 48 × $4

                            = $192  

Idle time cost = Idle time × hourly rate

                      = 2 × $4

                      = $8

Total cost = Direct labor cost + Idle time cost

                 = $192 + $8

                 = $200

Since idle time cost is considered as indirect labor cost and to be included in manufacturing overhead cost, $192 will be allocated to the direct labor cost while $8 will be allocated to manufacturing overhead.

All the best.

4 0
4 years ago
QUESTION 4 / 10
Umnica [9.8K]

Answer:

C. The longer you use credit responsibly, the higher your

credit score will be.

Explanation:

A credit card allows its user to access a short term loan. Every payment made via a credit card is considered a loan. The loan attracts interest monthly. Defaulting on credit card payments is similar to defaulting on any other loan type.

Responsible use of a credit card entails using it only when necessary. It means making prompt payments to clear monthly bills.

Credit card history is important information when tabulating an individual's credit score.  Anyone who uses their credit card responsibly ends up with a good credit score.

3 0
3 years ago
William installs custom sound systems in cars. If he installs seven systems per day, his total costs are $300. If he installs ei
Margarita [4]

Answer:

D. $100

Explanation:

Given: William install 7 system per day at the cost of $300.

           William install 8 system per day at the total cost of $400.

Remember, If the marginal cost curve is upward-sloping, this means that as output increase, marginal costs will also increase.

Marginal cost is an additional cost incurred in producing additional unit of output.

Now, finding additional payment that eighth customer has to pay.

Change in marginal cost= Cost\ incurred\ in\ installing\ 8\ system - cost\ incurred\ in\ installing\ 7\ system

⇒ Change in marginal cost=  \$400-\$300

∴  Change in marginal cost= \$ 100

Hence, there is an increase in marginal cost by $100 as output increases, therefore, William will install eight sound systems per day only if the eighth customer is willing to pay at least $100.

5 0
4 years ago
Leverage _____ the return to shareholders and _____ the risk of their investment
Dima020 [189]

Answer:

d. increases; increases

Explanation:

Leverage describes the method of capital acquisition. The term is used mostly to refer to the borrowing of capital. A highly leveraged business is a business that has a high percentage of debts.

Business borrows for expansion or to finance the acquisition of assets.  By borrowing, the company increases its capacity to produce and consequently,  the possibility of an increase in sales. An increase in output leads to high returns to the shareholders.

Higher returns can only be achieved if the market behaves as expected. If operations do not go as planned, then leverage will leave the shareholder exposed to higher risks. The losses likely to be suffered will be proportional to the level of leverage.

3 0
3 years ago
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