Answer:
a. Command system
b. Market system
c. Laissez-faire system
Explanation:
a. Command System, This is an economic system where the means of production and distribution of goods and services are owned and control by the government, in this system, the economic activities are controlled by a central planning committee.
b. Market system: A market system is an economic system where the market forces, that is the forces of demand and supply allocate resources.
c. Laissez-faire system : Under the Laissez-faire system is an economic system in where there is minimum government intervention in the economy. sometimes the words Laissez-faire system and capitalism are used interchangeably. The major difference between capitalism and laissez faire depends on the extent of government interference in the economy.
The limits of the terms of trade are determined by the comparative cost conditions in each country before trade:
Less commerce occurs as a result of partial specialization and rising costs than when costs are constant. The cost advantage one country has over another serves as the foundation for commerce. This explains why some countries make things that they also import since they are able to do so for less money than their trading partners.
What is comparative cost ?
Comparative costs refers to comparing, using a comparative costs approach, the costs of signing into a privatized contract to the expenses of the state maintaining to provide the services that are the subject of the contract.
Therefore,
Less commerce occurs as a result of partial specialization and rising costs than when costs are constant. The cost advantage one country has over another serves as the foundation for commerce. This explains why some countries make things that they also import since they are able to do so for less money than their trading partners.
To learn more about comparative cost from the given link:
brainly.com/question/8141905
Answer:
Refining crude oil into gasoline requires the use of chemicals, pressure, and heat to change the chemical makeup of the crude oil into a finished product of gasoline. PROCESS MANUFACTURING: deals with formulas and manufacturing recipes.
A production plant that serves as a point where workers and robotics bring together all of the components that create automobiles. ASSEMBLY PROCESS: manufactured units follow an assembly line.
Making steel is a process that cannot be easily stopped and restarted. CONTINUOUS PROCESS: the manufacturing process cannot be easily stopped.
Allen-Bradley builds motor starters. The machines that Allen-Bradley uses can make different types of starters without slowing down the process. FLEXIBLE MANUFACTURING: different models can be manufactured in the same process.
A tractor manufacturer looked at their production techniques and eliminated the activities in production that do not add value to the consumer. LEAN MANUFACTURING: very simple and lean manufacturing process.
A bicycle company makes 18 models in more than 2 million combinations. The customer chooses the model, size, color, and design. MASS CUSTOMIZATION: high degree of product customization.
Answer:
Loss on sale of delivery equipment = $3,700
Explanation:
The following journal entry to record the exchange for Sheridan’s Delivery Company.
Delivery equipment debit (fair value) $2,800
Loss on sale of delivery equipment debit $37,00 (Note - 1)
Accumulated depreciation debit $15,000
Delivery equipment (original cost) credit $21,500
Note: Calculation: Loss on sale of delivery equipment = cost price of delivery equipment - accumulated depreciation - disposal of delivery equipment.
Loss on sale of delivery equipment = $21,500 - $15,000 - $2,800.
Loss on sale of delivery equipment = $21,500 - $17,800
Loss on sale of delivery equipment = $3,700
