What is one major effect of specialization on an economy?

What is more important: everyone doing their part or the leader doing it all? Why? (Take your time)

katrin [286]

Answer:

Doing their part

Explanation:

People need to always help out and never relie on sombody doing it for the,even if tht was the case they would never get the satisfaction of knowing they helpped partake in something (exuse me bad spelling)

6 0

2 years ago

What occurs immediately after a boom in the business cycle?

Kaylis [27]

Answer:

recession good luck :)

8 0

3 years ago

The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 524,000 Direct l

Katyanochek1 [597]

Answer:

Cost of Goods Available Sold $ 265,000

Adjusted Cost of Goods Sold $ 255,000

Net Income $ 66,000 

Explanation:

 Mason Company: 

Cost Of Goods Schedule

Inventories Beginning Raw materials $ 7,000

Raw material purchases $ 118,000

Inventories Ending Raw materials $ 15,000

Direct Materials Used $ 110,000

Direct labor cost $ 70,000

Manufacturing overhead applied to work in process $ 90,000

Total Manufacturing Costs $ 270,000

Add Work in process Inventories Beginning $ 10,000

Cost of Goods Available For Manufacture $ 280,000

Less Work in process Inventories Ending $ 5,000

Cost of Goods Manufactured $ 275,000

Add Finished goods Inventories Beginning $ 20,000

Cost of Goods Available For Sale $ 295,000

Less Finished goods Inventories Ending $ 35,000

Cost of Goods Available Sold $ 265,000

Mason Company:

Cost Of Goods Schedule Adjusted

Inventories Beginning Raw materials $ 7,000

Raw material purchases $ 118,000

Inventories Ending Raw materials $ 15,000

Direct Materials Used $ 110,000

Direct labor cost $ 70,000

Manufacturing overhead applied to work in process $ 90,000

Total Manufacturing Costs $ 270,000

Add Work in process Inventories Beginning $ 10,000

Cost of Goods Available For Manufacture $ 280,000

Less Work in process Inventories Ending $ 5,000

Cost of Goods Manufactured $ 275,000

Add Finished goods Inventories Beginning $ 20,000

Cost of Goods Available For Sale $ 295,000

Less Finished goods Inventories Ending $ 35,000

Cost of Goods Available Sold $ 265,000

Less Over Applied Overhead $ 10,000

Adjusted Cost of Goods Sold $ 255,000

Over applied overhead is deducted to get the actual Cost of Goods Sold.

Mason Company:

Income Statement

Sales $ 524,000

Less

Adjusted Cost of Goods Sold $ 255,000

Gross Profit $ 269,000

Less Selling expenses $ 140,000

Administrative expenses $ 63,000

Net Income $ 66,000 

5 0

2 years ago

Suppose that a simple society has an economy with only one resource, labor. Labor can be used to produce only two commodities ax

max2010maxim [7]

Answer:

a, The PPF intersect the Y-axis at 1000 units of luxury goods

The PPF intersect the X-axis at 500 units of necessity good

It means that when the society produces zero units of necessity, it can produce 1000 units of luxury goods and if they use all resources to produce necessity, they can produce 500 units only

b. The economy can produce at a point inside the curve IF (1) There is underutilized of the available resources. (2) There is inefficiency in the use of resources

c. I will want to produce more necessity than luxury. The decision on which point the society will want to be depend on the type of economic system being practiced by my society, if it is free market, the price system will determine it and for a socialist system, the government decides.

d. If I am a dictator, I will make decrees as to the economic direction I want for the society and where the product distribution is left to the free market, the price system decides.

Explanation:

The production possibility frontier is a graph that shows the trade-off between two commodities which a country can be assumed to produce. An economy can operate on the PPF in which case it is using its resources to the fullest. It can operate inside the curve which means under-utilization of resources or inefficiency in resources utilization. A country cannot operate outside the curve except there is technological progress or economic growth.

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4 0

3 years ago

Explain the relationship between consumers and producers in economic growth and activity

Strike441 [17]

The economy consists of producers, who make and sell goods and services, and consumers, who buy the goods and services.

Producers rely on consumers to buy from them, and consumers rely on producers to provide the goods and services they want.

Money allows this relationship to work.

3 0

3 years ago