Answer:
Human needs are the impulse that individuals have to access certain goods or things. Scarcity, in turn, is the lack of goods or things to meet the needs of all humans in general.
Therefore, all human needs could be covered without major problems if the phenomenon of scarcity did not exist, that is, if there were more goods available than those demanded by society.
Answer:
The opportunity cost is e. cost of a purchase or decision as measured by what is given up.
Explanation:
The opportunity cost can be defined as the cost of giving up the benefits associated with the next best alternative that is given up. It is also referred to as the loss of potential gain that is given up when one option is chosen over the other.
For example, If you have a choice of working at a company for salary of $10000 per year or starting your own business that is expected to earn $15000 per year, the opportunity cost of choosing to start your own business is the $10000 per year from the job that is given up.
Answer:
The following budgets are needed to calculate are as follows:
Direct labor budget
Direct materials budget
Manufacturing overhead budget
Explanation:
The three budgets put together are known as production budget which are as a result of sales budget.
When a company determines its projected sales ,it goes ahead to prepare its production budget in order to fulfill forecast sales as contained in the sales budget.The quantity to be manufactured is based on the opening inventory for the period, forecast sales quantity as well as the desired ending inventory quantity.
In order to determine production level,the opening inventory is added to forecast sales and desired ending inventory is subtracted to arrive at the estimated production units for the period.
D.going into debt to buy a large number of vehicles for the military. Fiscal policy centers around tax rates and government spending.
