Lawrence got a car loan from a bank, with the car as collateral. What kind of loan did he get?

Strike441 [17]

Answer:

C. Market.

Explanation:

An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.

Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.

Basically, there are four (4) main types of economy and these are;

I. Mixed economy.

II. Command economy.

III. Traditional economy.

IV. Free market economy.

A free-enterprise system also referred to as capitalism or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a free-enterprise system is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.

Simply stated, a free-enterprise system is a type of economy that is completely driven by demand and supply of goods and services.

The four (4) main elements or characteristics of a free enterprise system includes the following;

a. Profit: businesses are all out to generate revenue and profit through the sales of finished goods.

b. Economic freedom: means of production of goods and services are controlled by the people rather than the government. Thus, the producers are free to make their economic choices or decisions such as deciding on how much is to be charged on a product.

c. Private ownership of properties: the various factors of production are owned and allocated by the people. Thus, citizens have rights to the ownership and use of private property.

d. Competition: there are many buyers and sellers of homogeneous products, as well as free entry and exit in the market. Thus, consumers are free to make their economic choices or decisions such as deciding on which product to buy, which goods interest them, where to shop for goods, etc.

In conclusion, a market is characterized by the following economy;

I. Economic freedom

II. Competition between businesses

III. Decisions motivated by profit

5 0

3 years ago

CONSIDER a JOB THAT PAYS 100,000 PER YEAR. FEDERAL INCOME TAX IS 19% AND STATE INCOME TAX IS 7% WHAT IS THE ANNUAL TOTAL OF THE

FrozenT [24]

100000 X 19% = 19000

100000 X 7% = 7000

<em>Total deduction: $26,000</em>

$74,000 per year he will get after deduction

6 0

3 years ago

True or false All 50 states have approved charter school.

nadezda [96]

False it is not a true statement.

3 0

3 years ago

Read 2 more answers

Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from Novemb

Sati [7]

Answer:

Part a.

Work In Process : Job 201 $64,200 (debit)

Work In Process : Job 202 $32,100 (debit)

Work In Process : Job 203 $25,350 (debit)

Work In Process : Job 204 $47,100 (debit)

Salaries Payable $168,750 (credit)

Part b.

Work In Process : Job 201 $94,160 (debit)

Work In Process : Job 202 $47,080 (debit)

Work In Process : Job 203 $37,180 (debit)

Work In Process : Job 204 $69,080 (debit)

Overheads $168,750 (credit)

Explanation:

Calculation of Labor Cost :

Job 201 = 4,280 hours × $15 = $64,200

Job 202 = 2,140 hours × $15 = $32,100

Job 203 = 1,690 hours × $15 = $25,350

Job 204 = 3,140 hours × $15 = $47,100

Application of overhead to jobs :

Job 201 = 4,280 hours × $22 = $94,160

Job 202 = 2,140 hours × $22 = $47,080

Job 203 = 1,690 hours × $22 = $37,180

Job 204 = 3,140 hours × $22 = $69,080

6 0

4 years ago

Garda purchased $530,000 of merchandise in August and expects to purchase $670,000 in September. Merchandise purchases are paid

pashok25 [27]

Answer:

$579,000

Explanation:

The cash payment in September would be made of 35% purchases in September and 65% of the purchase made in August (the previous month).

Hence

Cash payment in September = (35% × $670,000) + (65% × $530,000)

= $579,000

the cash payment for September is $579,000

3 0

3 years ago