All categories

3 years ago

This is the forces that combine to make the production of products and services possible.

Business

1 answer:

Hatshy [7]3 years ago

8 0

"Factor of Production" is the force that combine to make the production of products and services possible.

Explanation:

Factor of production involves land, labor, capital, and entrepreneurship.

Land:

The important factor is that it creates major revenue through oil, gases and other possible resources which can be obtained from the land.

Labor: Starting from the person who brought bricks to build the company till the top management of the company are part of the Labor factor.

Capital: A factor which implicitly support as a factor of production. Without capital there is no chances of production or providing wages.

Entrepreneurship: These are the brainstorms who plan and create product and sits at the top level and make production and service possible.

You might be interested in

Which of the following statements about capitalism and socialism is correct?

Ronch [10]

Answer: Which of the following statements about capitalism and socialism is correct? All of the responses are correct.

Explanation: Socialist nations are less economically productive. Capitalist nations have greater economic inequality. Capitalist nations are more economically productive. All of these statements regarding capitalism and socialism are true. Capitalism is an economic and political system where the trade and industry of a country are controlled by private owners for profit instead of the state having control. Socialism is an economic and political system where different organizations control production, distribution, and the exchange of goods and services.

4 0

3 years ago

A(n) __________ is the set of institutions that transfer the ownership of and move goods from the point of production to the poi

My name is Ann [436]

Answer:

The correct answer is: Marketing Channel.

Explanation:

Marketing channels can be defined as the set of institutions and people that are required to transfer ownership of goods from the point of production to the point of consumption.

It is also known as a distribution channel and consists of all the institutions and marketing activities that are involved in the marketing process.

5 0

3 years ago

Compared to a checking account, the rules governing your

dedylja [7]

Restrictive because you need to restrict on using your savings money.

6 0

3 years ago

Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December he performed $

nordsb [41]

Answer:

Should Manny send his client the bill in December or January?

Send the bill in January because in cash method accounting recognized when payments are made.

In december he recognized only income because is in advance.

Explanation:

The cash method of accounting requires that sales be recognized when cash is received from a customer, and that expenses are recognized when payments are made to suppliers.

6 0

4 years ago

. Wilson Publishing Company produces books for the retail market. Demand for a current book is expected to occur at a constant a

Angelina_Jolie [31]

Answer:

(a) 1,078.12 copies

(b) 6.68 runs per year

(d) 10.78 days

(e) 767.62 copies

(f) $2,003.48

(g) 432 copies

Explanation:

Given that,

Annual demand (D) = 7200 copies

Cost of the book (C) = $14.50

Holding cost (H) = 18% of cost of book = 18% of $14.50

= $2.61

Setup costs (S) = $150

Annual production volume = 25,000 copies

Number of working days = 250

Lead time (L) = 15 days

Daily demand (d) = Annual demand ÷ Number of working days

= 7200 ÷ 250

= 28.8 copies

Daily production (p) = Annual production ÷ Number of working days

= 25000 ÷ 250

= 100 copies

(a) Minimum cost production lot size (Q):

$Q=\sqrt{\frac{2\times D\times S}{H\times (1-\frac{d}{p})}}$

$Q=\sqrt{\frac{2\times 7,200\times 150}{2.61\times (1-\frac{28.8}{100})}}$

Q = 1,078.12 copies

(b) Number of production runs:

= Annual demand (D) ÷ Production quantity (Q)

= 7,200 ÷ 1,078.12

= 6.68 runs per year

= Production quantity (Q) ÷ Daily demand (d)

= 1,078.12 ÷ 28.8

= 37.43 days

(d) Length of a production run:

= Production quantity (Q) ÷ Daily production (p)

= 1,078.12 ÷ 100

= 10.78 days

(e) Maximum inventory (Imax):

= Q × (1 - d÷p)

= 1,078.12 × (1 - 28.8 ÷ 100)

= 767.62 copies

(f) Total annual cost:

= Annual holding cost + Annual setup cost

= [(Q ÷ 2) × H × (1 - d÷ p)] + [(D ÷ Q) × S]

= [(1,078.12 ÷ 2) × $2.61 × (1 - 28.8 ÷ 100)] + [(7,200 ÷ 1,078.12) × $150]

= $1,001.74 + $1,001.74

= $2,003.48

(g) Reorder point:

= Daily demand × Lead time

= 28.8 × 15

= 432 copies

8 0

3 years ago

Read 2 more answers