Explanation:
The free enterprise system is one influenced by the market, which will determine all economic variables, such as price, products and services, and is a system independent of government control to function.
Therefore, it is correct to state that in a free enterprise system, the offer and demand of the consumer for a product or service that will be the determinant of the success or failure of an organization.
As an example of an entrepreneur, we can mention Steve Jobs, who created one of the largest technology companies in the world, Apple. The free enterprise system was one of the reasons for Apple to succeed in becoming one of the most valued companies in the world, due to the fact that it brought innovative products to the market that became examples of products of value to consumers, which made company to grow and become so successful in the market. If the company operated in a government-controlled market, it would probably have to follow specific rules and restrictions for the production of its products that could limit the company, and its performance could be restricted and not as innovative as the company in the market, which is one of the reasons why it achieved success.
Answer:
The market price is determined by the combined actions of both the buyers and sellers
Explanation:
In other words, the market price is determined by the <em>clash of supply and demand</em>, which are the two basic economic determinants. Although Ulla is affected by a drought, she knows she cannot raise the sugar beet price, as her competitors would beat her. On the other hand, they could increase the price if all of the beet sellers throughout the US were affected by a drought.
Answer:
A) a weakness if the company does not have access to other expertise at Unilever.
Explanation:
A SWOT analysis will be used by Hellmann to identify the brand's strengths, weaknesses, opportunities and threats.
Strengths refer to internal attributes and resources that support business growth. Weaknesses are internal traits and resources that work against a successful outcome. Opportunities are external factors that the entity can use to develop the business. Threats are external factors that can lead to the downfall of the brand.
Based on the above, the lack of expertise by Hellmann's managers is a weakness.
Answer:b - Requires when LIFO is used for tax reporting, it is also used for financial reporting
Explanation:
LIFO conformity rule states that when the LIFO method is used for accounting for inventory for tax reporting, it should be used in preparing financial statements.
The LIFO conformity rule is a statutory requirement in the U.S.
Answer:
$1,135,000
Explanation:
Data provided as per the question
Contribution = $1,430,000
Income = $295,000
The calculation of fixed cost is shown below:-
Income = Contribution - Fixed cost
Fixed cost = Contribution - Income
= $1,430,000 - $295,000
= $1,135,000
Therefore, for computing fixed cost we simply deduct Income from contribution.
