An investment banker who earns more than $1 million a year, a food service worker who makes minimum wage, and a teacher with a salary of $50,000 per year represent the presence of social <u>inequality </u>within society.
<h3>What is inequality?</h3>
Inequality can be defined as the way in which income or wealth are not distributed equally in a society as some people earn more than others.
Hence, their is the presence of social inequality within a society if a investment banker earn $1 million a year, a food service worker makes minimum wage, and a teacher earn $50,000 per year.
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Answer:
a) Distinguish between the use of Franchising and Joint Venture as modes of entry into other countries by global businesses.
Franchising consists in the licensing of aspects of production and intellectual property to a another party: the franchise.
A Joint Venture is a business union between two or more parties, in which they split profit as well as costs and responsabilities.
b) What are the respective advantages and disadvantages of both strategies?
Franchising can be a quicker way to expand into foreign markets. The flexibility of the method, and the lower capital requirements are the reason why. This can be seen in the success that American fast-food brands have had using this method to expand in global markets.
A Joint-Venture can be more difficult to use for market expansion, however, it can be more profitable, because the profit will not be split among as many parties as in franchising, and more importantly, the firm maintains a higher control of the operation.
Not choosing the correct business organization to set up would become very costly for an individual hoping to start operations and this would result in business failure even before the business began operations.
JIT strategy stands for Just-in-time. The JIT strategy is used to increase efficiency and decrease waste <span>by reducing inventory costs. </span><span>
The labor productivity before the JIT strategy was
= output / labor hours = 1000/(5*10) = 20 boxes per labor hour .
The labor productivity after JIT strategy was applied is:
</span><span>= output / labor hours = 1200/(5*10) = 24 boxes per labor hour .</span>
Answer:
$0.70
Explanation:
Given that,
Direct materials costs = $660,000
Direct labor costs = $3,100,000
Factory overhead costs applied = $2,170,000
company's predetermined overhead rate for year 2017:
= Factory overhead costs applied ÷ Direct labor costs
= $2,170,000 ÷ $3,100,000
= $0.70
Therefore, the company's predetermined overhead rate is 0.70
