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3 years ago

Select the word that best fits the definition: The way goods and services are produced, distributed, and consumed in a society.

Business

2 answers:

klasskru [66]3 years ago

7 0

Answer:

The correct answer would be Economic System.

Explanation:

The economic system is a way goods and services are produced, distributed and consumed in a society. There are companies and organizations in a country who produces different product or provides different services to the people of the country. Such products are distributed to the whole seller or retailers or distributors and finally reach the consumers who buy these products by paying for it. This whole mechanism makes the economic system.

Bumek [7]3 years ago

4 0

Answer:

economy

Explanation:

The way goods and services are produced, distributed, and consumed in a society can be referred to as Economy.

I hope this helps...

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Nature of Transactions Kristoff Walker operates his own catering service. Summary financial data for February are presented in e

vichka [17]

Answer:

A. Description for :

Transaction 1 - Provided catering service for cash

Transaction 2 - Purchase of land for cash

Transaction 3 - Payment of cash for expenses

Transaction 4 - Purchase of supplies on account

Transaction 5 - Withdrawal of cash by owner

Transaction 6 - Payment of cash to creditors

Transaction 7 - Recognition of cost of supplies used

B. The amount of the net decrease in cash during the month = 13,900

C. The amount of the net increase in owner's equity during the month = 3700

D. The amount of the net income for the month = 5500

E. The net income for the month was retained in the business = 3700

Explanation:

Description for :

Transaction 1 - Provided catering service for cash

Transaction 2 - Purchase of land for cash

Transaction 3 - Payment of cash for expenses

Transaction 4 - Purchase of supplies on account

Transaction 5 - Withdrawal of cash by owner

Transaction 6 - Payment of cash to creditors

Transaction 7 - Recognition of cost of supplies used

b.)

Net decrease = Closing Balance - opening Balance

= 27,600 - 13,700

= 13,900

⇒The amount of the net decrease in cash during the month = 13,900

c.)

Net increase in owner's equity = ( Opening capital balance - Drawing + Income earned during the year - Expenses incurred during the year ) - Opening capital

⇒Net increase = ( 92,700 - 1800 + 32,300 - 26,800 ) - 92,700

= 96,400 - 92,700 = 3700

⇒The amount of the net increase in owner's equity during the month = 3700

d.)

Amount of the net income for the month = Total Income - Expenses

= 32,300 - 26,800

= 5500

⇒Amount of the net income for the month = 5500

e.)

Net income for the month was retained in the business = Net Income - Drawings

⇒Net income was retained in the business = 5500 - 1800

= 3700

⇒Net income for the month was retained in the business = 3700

7 0

2 years ago

What improvements in retailing strategy might be attributed to the results obtained from shopper marketing studies?

Alex17521 [72]

Constant Improvement

Explanation:

"Shopper marketing recognises the way that customers, which are described as brands, customer, retailers and shopkeepers, use their knowledge in multiple channels and platforms and how they are aimed at the benefit of all the stakeholders."

Shopper marketing includes operations divisions, shows, advertising, labelling, advertisements, analysis and commercialisation. The findings from shopper research experiments enable manufacturers and retailers to understand the full process of buying from the pre-store to the moment of buy.

Examples of Shopper Marketing: Maxwell House – After the coffeemaker introduced a new brew, they initiated a massive shopper marketing campaign.

Wal-Mart - Wal-Mart sells more cold/flu medicine than any other retailer.

8 0

3 years ago

In a closed economy, the values for gdp, consumption spending, investment spending, transfer payments, and taxes are as fo

BartSMP [9]

Answer:

Private saving = $2 trillion

Public saving = $1 trillion

Explanation:

Private saving = GDP - Taxes + Transfer payments - Consumption spending

= Y - T + TR - C

= $11 - $2 + $1 - $8

= $2 trillion

Public saving = Taxes - Government spending - Transfer payments

= T - G - TR

= $2 - $0 - $1

= $1 trillion

Therefore;

Private saving = $2 trillion, Public saving = $1 trillion

3 0

3 years ago

In some instances accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit in

Zepler [3.9K]

Answer:

1 $12.80

2 $16.10

3 $13.00

4 $9.20

5 $15.90

Explanation:

The unit value of inventory is to be valued the lower of cost price and net realizable value.

Cost is the original purchase price while the net realizable value is the estimated selling price less of costs to complete and costs to sell as computed in the attached file.

Download xlsx

3 0

3 years ago

Antique Brass Company has budgeted sales volume of 127 comma 000 units and budgeted production of 110 comma 000 units, while 30

olga55 [171]

Answer:

13,000 units

Explanation:

The excess of budgeted sales over budgeted production = 127,000 - 110,000 = 17,000 units. In other words, this is the number of units that the company will be in short of.

The company has 30,000 units in beginning inventory, thus the amount of ending finished goods inventory will be = 30,000 - 17,000 = 13,000 units

7 0

3 years ago