Scarcity is the condition wherein the mean to and end (that is resources required to achieve set goals) are limited in relation to the goals that need to be achieved.
Because of the above, one has to carefully make their choice while allocating the resources accordingly.
<h3>What is opportunity Cost?</h3>
When a choice is made between two competing alternatives, it means that one alternative has to be foregone. The alternative foregone is called the Opportunity Cost.
<h3>
What is a rationing device?</h3>
A rationing device is a system that determines who receives what of limited commodities and resources.
Price is one of the most regularly employed rationing techniques in a capitalistic (market-based) economic system.
Those who are willing and able to pay the price for a certain commodity (or resource) can obtain it.
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Answer:
1. A basic finding of labor economics is that workers who have more experience in the labor force are paid more than workers who have less experience (holding constant the amount of formal education). True
2. This might be the case because people with more experience have usually had more on-the-job training. True
3. Some studies have also found that experience at the same job (called job tenure) has an extra positive influence on wages. Job tenure is valuable because people gain <u>job-specific knowledge</u> that is useful to the firm.
Explanation:
A worker with more experience means more on-the-job training, this drastically increases the worker's value of the marginal product of labor.
<span>Liability is on Darby because they were the one to write the original check and give it to the education loan management inc. Since the check wasn't accepted they have to take responsibility and liability for the fact that it was not accepted.</span>
Answer:
TRUE
Explanation:
It is true that Patch management watches for the release of new updates from vendors, tests the patches, obtains approval, and then oversees the deployment and implementation of updates across the production environment.
Patch management can be defined as the process that helps acquire, test and install multiple patches (code changes) on existing applications and software tools on a computer, <u>enabling systems to stay updated </u>on existing patches and determining which patches are the appropriate ones.
A patch is a <u>set of changes to a computer program or its supporting data designed to update</u>, fix, or improve it; hence improving the functionality
Answer: Inventories and cost of goods sold.
Explanation:
Standard costing is used in accounting and it simply has to do with the substitution of the cost that's expected for a product with an actual cost when preparing financial statements.
The difference that's then between the actual costs and expected costs are then recorded as variance. It should also be noted that when a company prepares financial statements using standard costing, the items that are reported at standard cost will be Inventories and the cost of goods sold.
