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3 years ago

What is a traditional economy

2 answers:

8 0

A traditional economy is<span> an original economic system where traditions, customs, and beliefs shape the goods and services the economy produces, and also the the rules and manner of their distribution.</span>

stellarik [79]3 years ago

5 0

xThe answer about the Traditional Economy is explained below.

Explanation:

A traditional economy is an economic system in which traditions, customs and beliefs are very important. These customs, traditions and beliefs make the system and shape the goods and services that the economy produces.

The rules and manner of the distribution of the goods and services are also defined or shaped by such customs, traditions and beliefs.

The economic decisions are generally based on families, clans, tribes or communities in this type of economic system.

This type of system is usually rural and farm based.

In such type of systems, there is a very little change over time. Traditional economies try to stick with their base and traditions and do not change much over time.

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Harrod Company paid $4,800 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The b

Cerrena [4.2K]

Answer:

Debit Insurance Expense, $2,400; credit Prepaid Insurance, $2,400.

Explanation:

The journal entry is given below

Insurance expense A/c Dr $2,400

To Prepaid Insurance $2,400

(Being insurance expense is recorded)

The computation is shown below:

= Insurance premium ÷ number of months × required months

= $4,800 ÷ 4 months × 2 months

= $2,400 months

The 2 months is taken from November 1 to December 31

6 0

3 years ago

What percentage profit is made on a sale if the selling price is $225,000 and the purchase price is $190,000?

IgorLugansk [536]

The percentage profit = 18%

A profit is made on sale with selling price more than the purchasing price. The purchasing price is also known as the cost price.

Given the selling price = $225000

and the purchasing price = $190000

Since the selling price is more than the purchasing price, there is obviously a profit gained.

Now profit amount = Selling price - Purchasing price

= 225000-190000 = $35000

Profit percentage = (Profit / Purchasing price) x 100%

= (35000 / 190000) x 100%

= 18.42%

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5 0

2 years ago

The Nacho Division of the Tex-Mex Company has a return on investment (ROI) of 12%, sales of $217,000, and an asset turnover of 4

BlackZzzverrR [31]

Answer: Nacho's operating income= b. $6,510.

Explanation:

First, we calculate the Total Asset of the Divison.

Asset turnover = Sales/ Total Assets

Total Assets = Sales/ Asset turnover

= $217,000/ 4

Asset turnover=$54,250

Also Return on investment = Operating Income/ Total Assets

Therefore Operating Income=Return on investment x Total Assets

= 12% X 54,250

=$6,510

4 0

3 years ago

Under which market structure does a firm have negligible influence over product pricing? A. perfect competition B. monopoly C. o

Kobotan [32]

Answer: E. command economy

A command economy is an economy where the government decides what goods and services need to produced, the quantity to be produced and the price at which the products are to be sold. Hence a frim has no say in pricing its products.

The government is also the deciding factor with respect to the allocation of resources for investment and fixes incomes. A command economy is also known as a planned economy. North Korea and Cuba are examples of countries that have a command economy.

6 0

3 years ago

Read 2 more answers

Heidi owns 400 shares of Boyd Enterprises stock, which is valued at $17 a share. Boyd Enterprises just declared a 10 percent sto

Leno4ka [110]

Answer:

After stock dividend, Heidi will own 440 shares at a price of $15.45 per share.

Explanation:

Heidi owns 400 shares.

The price of these shares is $17/per share.

The firm announces a 10% stock dividend.

The number of shares owned after dividend

=Current shares+10% of current shares

=400+10% of 400

=400+40 shares

=440 shares

Price per share after dividend

=Current value of shares/ number of shares after stock dividend

= $\frac{400*17}{440}$

= $\frac{6800}{440}$

=$15.45

4 0

3 years ago