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3 years ago

In a free enterprise system the decisions about what and how many goods and services will be produced are made by?

Business

1 answer:

snow_lady [41]3 years ago

5 0

Answer:

Private individuals.

Explanation:

In a free enterprise system, the decisions about what and how many goods and services will be produced are made by private individuals.

Free enterprise system is an economic system in which the ownership and control of means of production (resources) and distribution of goods and services are determined by private individuals. Here, private individuals decide what, how and for whom to produce while the government does not interfere in economic activities. The allocation of resources and price determination are influenced by the forces of demand and supply called price mechanism, which Adam Smith referred to as 'Invisible Hand'.

Free enterprise system is also known as Capitalist economy, Capitalism and Free market system. Countries that practice more of free enterprise system are Singapore, New Zealand, Hong Kong, Australia and Switzerland.

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Unlike consumer credit, trade credit does not involve the use of a

hammer [34]

Answer:

Trade credit means many things but the simplest definition is an arrangement to buy goods and/or services on account without making immediate cash or check payments. Trade credit is a helpful tool for growing businesses, when favorable terms are agreed with a business's supplier.

Explanation:

Trade credit allows businesses to receive goods or services in exchange for a promise to pay the supplier within a set amount of time. New businesses often have trouble securing financing from traditional lenders; buying inventory, for example, on trade credit helps increase their purchasing power.

3 0

2 years ago

True or False: The LIFO Conformity Rule states that if the LIFO method is used for income tax purposes, it can not be used for f

elena-s [515]

Answer:

FALSE

Explanation:

The LIFO conformity rule requires taxpayers that elect to use LIFO for tax purposes to use <u>no method other than LIFO to ascertain the income, profit, or loss for the purpose of a report or statement to shareholders, partners, or other proprietors, or to beneficiaries, or for credit purposes</u>.

Hence the IRS requires that the same method for income tax purpose be used for financial statement purpose

6 0

3 years ago

Managers today need to look past traditional viewpoints in determining the success of their company's strategy. One such approac

bogdanovich [222]

Answer:

The Balanced Scorecard

Customer satisfaction:

Perspective: Customer: This perspective concentrates on things like customer service.

Goal: Service: This would be the level of customer service.

Measure: How do our customers see us? Survey: This would be the results of an online customer satisfaction survey.

Internal processes:

Perspective: Internal business: This perspective focuses on the things that a company has to do internally to meet and exceed customer expectations.

Goal: Productivity: This would concentrate on changes to the process involved in production.

Measure: How do we look to our shareholders? Analysis: This would use data from the ERP system to look into success levels of company processes.

Innovation and improvement activities:

Perspective: Innovation and Learning: This perspective is concerned with making sure employees learn and grow so they can continually innovate.

Goal: Training: This would focus on providing enhanced training opportunities for employees.

Measure: What do we need to excel at? Results: This would look at changes in the skill level of employees.

Financial measures:

Perspective: Financial: This perspective has to do with the conversion of performance into financial performance and the creation of value.

Goal: Growth: This would concentrate on an increase in sales.

Measure: Can we continue to improve and create value? Sales: This would be the annual sales figures.

Explanation:

The balanced scorecard which Bryan is developing for KanO Mines helps KanO Mines to understand how to create value in the organization. With the balanced scorecard as a strategic planning and management tool, organizational goals are communicated to KanO Mines, so that his daily activities are aligned with the organizational strategy. It also helps him to prioritize his projects, products, and services. The balanced scorecard does not only deal with perspectives and goals, it also helps KanO Mines and his manager, Bryan, to measure and monitor his progress towards achieving the set organizational strategic goals.

4 0

3 years ago

Which of the following is an advantage of newspaper advertising?

Furkat [3]

Answer: Option A

Explanation: One of the major advantage of using newspaper is that an individual can reach to the prospects on such demo-graphical areas where other mediums might not work effectively and efficiently.

If an entity wants to advertise its product to smaller audiences at living in difficult places then it should go for newspaper. Also newspaper is the most common medium as one might not watch tv or listen radio daily but most of the individuals read newspaper everyday at morning.

Hence the correct option is A .

4 0

3 years ago

If food makes up about 15% of total expenditure of the country, and if the food prices rise by 10%, while other components of th

omeli [17]

Answer:

c. 1.5%

Explanation:

Food as total Expenditure of Country = 15%

Food's Price rise = 10%

while other components of the price index remain constant price index rise will be calculated as follows:

Price index rise = 15% x 10%

Price index rise = 0.15 x 0.1

Price index rise = 0.015

Price index rise =1.5%

So the correct option is c. 1.5%

7 0

3 years ago