Answer and Explanation:
A. Economic resources can be defined as the natural, human, and manufactured inputs that are used in the production of goods and services.
B. These resources are also referred to as factors of production as they fall within the factors of production such as land, labour, capital and entrepreneur. They are useful in the production process of goods and services.
C. They are called inputs. As inputs they are used in the production process and at the end of it all they bring about output for the producer.
A quotation in business is document similar to an invoice in that it contains much the same information. However, it has a different purpose: to provide the customer with a detailed list of the product or service being offered, before the order is confirmed.
The document which establishes an initial record of the receipt of an inventory is THE RECEIVING REPORT.
The receiving report is usually used by a business to record the details of the products that are received from suppliers. The record documents what is owned to supplier based on the number of goods accepted and the ones that are returned.<span />
Answer:
$32
Explanation:
The incremental cost:
Direct materials +Direct labor +Variable manufacturing overhead
$12 + $8 + $12 = $32
The maximum price Olive Corp. should pay the outside supplier is $32.
Fixed manufacturing overhead was not included because it is not relevant to the decision.
Answer:
This finding is explained by the fact that ratios express relationships between variables not in absolute terms but in relative terms. The variables used for calculating the income inequality ratio in England takes into consideration the level of income distribution and the population. These may not be equal to the level of income distribution and the population of Guatemala. For instance, if England's income inequality ratio is 10% and Guatemala's is also 10%, it does not mean that they have the same amount of population and income distribution. Each ratio is expressed in relation to its related variable. England's variables cannot be used to express Guatemala's.
Explanation:
To measure inequality ratios for England and Guatemala one divides the standard deviation of the income distribution of England and Guatemala respectively by their means. These are separate indices in value terms.
