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3 years ago

Economics is a social science that studies how individuals, institutions, and society may:

Business

2 answers:

Anna [14]3 years ago

4 0

Answer:

The correct answer is letter "C": Best use resources to maximize satisfaction of economic wants.

Explanation:

Scarcity is the elemental economic problem by which individuals have unlimited needs but only limited resources to satisfy them. This scenario leads to trade-offs. People will have to sacrifice part of the satisfaction of one good so the satisfaction of another can also be fulfilled.

Scarcity pushes individuals to allocate their resources efficiently.

I am Lyosha [343]3 years ago

3 0

Answer:

C. Best use resources to maximize satisfaction of economic wants

Explanation:

Economics is a social science that studies human behaviour in relation to ends and scarce means resulting in alternative uses. This definition by Lord Robbins deals with the basic concept of economics.

Human wants are unlimited however, the resources available to satisfy these wants are limited hence choices have to be made in other of importance for the allotment of the limited resources in satisfying the unlimited wants resulting in scale of preference and opportunity cost.

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Which of the following is NOT a characteristic of a market in equilibrium?

iren2701 [21]

B. All consumers are able to purchase an amount equal to their quantity demanded.

6 0

3 years ago

Although the Chen Company's milling machine is old, it is still in relatively good working order and would last for another 10 y

lora16 [44]

Answer:

Chen should buy the new machine since it produces a positive NPV of $1,294

Explanation:

Summary of the Project Cash Flows is as follows :

Year 0 = ($120,000)

Year 1 to Year 10 = $18,900

The Project cost of capital = 9%

Calculation of the Project`s NPV :

NPV can be calculated from this summary using a financial calculator as :

CF0 = ($120,000)

CF1 = $18,900

Nj = 10

i = 9 %

NPV = ?

NPV = $1,293.73 or $1,294

The Project is accepted only if it has a Positive NPV

Conclusion,

Chen should buy the new machine since it produces a positive NPV of $1,294.

5 0

3 years ago

The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory,

user100 [1]

The cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.

Using this formula

Cost of goods sold=Beginning Inventory+ Net purchases- Ending Inventory

Where:

Beginning Inventory=$32,000

Net purchases=($240,000-$6,000-$10,000+$17,000)=$241,000

Ending Inventory=$40,000

Let plug in the formula

Cost of goods sold=$32,000+$241,000-$40,000

Cost of goods sold=$233,000

Inconclusion the cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.

Learn more here:

brainly.com/question/15708509

4 0

2 years ago

___ refers to factors that prevent new firms from successfully competing in the industry

antiseptic1488 [7]

Answer:

barriers to entry

Explanation:

3 0

2 years ago

The total amount of carbon fixed into organic matter through photosynthesis (or chemosynthesis) in a given unit of time is known

lesya692 [45]

The total amount of carbon fixed into organic matter through photosynthesis (or chemosynthesis) in a given unit of time is known as Gross primary production.

<h3>What is Gross primary productivity?</h3>

Gross productivity generally is the rate of energy capture.

Net efficiency is lower: its net efficiency is balanced for the vitality utilized by the living beings in respiration/metabolism, so it reflects the sum of vitality put away as biomass.

The whole vitality settled by plants (autotrophs) in a community through photosynthesis is alluded to as net essential efficiency (GPP).

Since all the vitality settled by the plant is changed over into sugar, it is hypothetically conceivable to decide a plant’s vitality take-up by measuring the sum of sugar delivered.

To know more about Gross primary productivity visit:

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4 0

1 year ago