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3 years ago

What is one of the first decisions an entrepreneur must make?

Business

2 answers:

Dmitriy789 [7]3 years ago

7 0

Answer:what kind of business organization will best serve his or her interests

Explanation:

Darya [45]3 years ago

6 0

What kind of business organization will best serve his or her interests.

All of the other decisions are very important, but unless you know what type of organization you want it will be hard to make other more important decisions about the business.

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1. If the number of consumers in the market for good A increases, what will happen to the equilibrium price and

ANTONII [103]

Answer: The correct answer is option B: Equilibrium price and quantity will both increase

Explanation: First and foremost, a definition of demand would be in order. Demand can be defined in simple terms as the quantity of goods or services that consumers are willing and able to buy at a given price and at a particular point in time. The law of demand states that, "All things being equal, the higher the price of a commodity, the lower the quantity demanded by the consumers, and the lower the price of the commodity, the higher the quantity demanded by consumers." This is theoretical and is the ideal situation for a rational consumer.

However, producers (sellers) are only willing to supply more if the price is higher (for the sake of profit of course) and are willing to supply less if the price is lower. This shows that there is an inverse relationship between both variables, that is, at a higher price the producer wants to sell more while the consumer wants to buy less, and at a lower price the producer wants to sell less while the consumer wants to buy more. It gets to a point where they both have to compromise and agree on a price suitable to both producer and consumer, and that in economics is the equilibrium price.

As shown in the attached diagram, the equilibrium price is P1, while the equilibrium quantity is Q1.

In economics theory, a number of factors are usually responsible for a change in the market demand and one of such is population. Take for instance, in a community with 1000 individuals making up the market demand for commodity A, an increase in the population to 1500 individuals would mean that the number of consumers has increased considerably. Consequently the market demand would also increase. However, there would be an excess of demand over supply, that is, the increased demand cannot be met by the current level of supply. Hence the appropriate response to the pressure shall be an increase in the price on the part of the producers. As shown in the diagram, the demand has now increased from D1D1 to D2D2 and the equilibrium price has also changed from P1 to P2. This is because, the increase in population that led to the increase in demand has now resulted in a new equilibrium point as shown by the intersection of D2D2 and S1S1.

Therefore, the new equilibrium price is now P2 and the new equilibrium quantity is now Q2

4 0

3 years ago

9- 23. Someone argues that an advantage of vouchers would be to allow high school students to learn to weld and operate a mill i

Amiraneli [1.4K]

Answer:

The correct answer is letter "D": vouchers as an efficient and equitable use of public resources.

Explanation:

School vouchers are monetary public resources allocated to private education. States provide parents a certain amount of money so their children go to a private school or, in other cases, that money can be used for homeschooling. The money provided covers part of private schooling only.

Therefore, <em>if a person focuses on providing students technical knowledge that could be useful for students when they join the workforce instead of allocating resources for private regular shooling, that individual is likely to consider that vouchers are not used efficiently neither it brings effective results.</em>

3 0

4 years ago

What happens to competition in a communist system?

Savatey [412]

Answer:

Essentially, there is no competition in a communist system, at least no economic competition. As ThisMatter.com explains:

"Communism and socialism affect the growth of economies, because there is no competition between businesses, and the people who manage such businesses are often political appointees, chosen more for their social and political connections than for their understanding of the businesses that they manage."

The personal finance, investment, and economics website further notes that in a communist economy, industries are often under the control of many bureaucrats, who often issue conflicting demands. Unfettered by the demands of competition, these state-controlled businesses care little about whether society wants their product or service, and do not care about costs, since these costs are paid by the government.

5 0

3 years ago

Can you guys please go subscribe to me on YT! It would really mean the world. The Channel name is Yoshi Forlife exactly. I do al

Evgesh-ka [11]

Answer:

sure

Explanation:

sounds neat

4 0

3 years ago

The following cost data pertain to the operations of Rademaker Department Stores, Inc., for the month of March. Corporate headqu

UkoKoshka [18]

Answer:

The total amount of the costs listed above that are direct costs of the Cosmetics Department is $42,760

Explanation:

The computation of the direct cost is shown below:

= Cosmetics Department sales commissions + Cosmetics Department cost of sales + Cosmetics Department manager's salary

= $5,180 + $33,500 + $4,080

= $42,760

The other items which are given in the question are not relevant to the Cosmetics Department. So, these costs are ignored , and hence not considered in the computation part.

5 0

3 years ago