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Nikitich [7]
3 years ago
6

What is the difference between direct and indirect competition?

Business
1 answer:
elena55 [62]3 years ago
8 0

Answer:

Direct competitors offer similar producst, Indirect competitors offer substitutes

Explanation:

Direct competition is when a business and its rivals provides similar goods or services and target the same clients. Since direct competitors offer the same products and services, they compete on other aspects such as price, quality, and service. Examples, two bakeries that produce bread and pastries are direct competitors.  Gas stations adjacent to each other are direct competitors as they both sell the same products. The same can be said of two companies providing internet services in the same town.

Indirect competition involves competing for the same customers in the same market but with slightly different products.  The goods and services offered by indirect competitors are similar or substitutes. Indirect competitors offer solutions to customers with similar needs. A fast-food shop and a restaurant are indirect competition. A customer who needs to eat may choose between having a snack or a meal from only one of two.   A bus company and taxi providers are indirect competitors.

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Price serves the function of _____ for goods, services, and financial resources.
Blababa [14]
Allocator- Price thus serves the function of allocator. First, it allocates goods and services among those who are willing and able to buy them. (As we noted in Chapter 1, the answer to the economic question “For whom to produce?” depends primarily on prices.) Second, price allocates financial resources (sales revenue) among producers according to how well they satisfy customers’ needs. Third, price helps customers to allocate their own financial resources among various want-satisfying products.
7 0
3 years ago
Which statement describes the word “iterative”?
IrinaVladis [17]

Answer:

D.

Explanation:

The word 'iterative' is derived from the Latin word 'iterare', which means 'to repeat.'

Iterative is a term used to define a process of repetition to attain the desired outcome. It is a repetitive process performed to improve or do better than before.

The statement that correctly defines the term 'iterative' is option D. The statement talks about working in cycles (repetition) to get a desired result of (refined product).

Therefore, option D is correct.

5 0
3 years ago
Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $121,000; All
kogti [31]

Answer:

Bad debt expense  $ 26,300

Allowance for Uncollectible Accounts   $ 26,300

Explanation:

Initial Balance  

Accounts Receivable  $ 121,000

Allowance for Uncollectible Accounts   $ 2,100 - Debit

Bad Debts Expense =  20% / Accounts Receivable $ 24,200

Adjusting Entry

Bad debt expense  $ 26,300

Allowance for Uncollectible Accounts   $ 26,300

Final Balance  

Accounts Receivable  $ 121,000

Allowance for Uncollectible Accounts   $ 24,200 - Credit

Accounts Uncollectible are those credit that the company give and there are not chances of been collected.

When the customers buy products on credits but then the company can't collect the debt, then it's necessary to write off the unpaid bill as uncollectible

One way it's to write-off directly the bad debts at the moment decided that the credit are uncollectible, the total amount it's reported as bad debt expenses which affect negativly the income statement and the accounts receivable are reduce in the same amount, less assets.

The other way it's to determine a percentage of total amount of accounts receivables as uncollectible, exist many ways to analize the accounts receivable and figure the value of uncollectible.

When the company have the percentage of uncollectible accounts the journal entry required is Bad Expenses (debit) with Allowance for Uncollectible Accounts (credit)

At the moment of the write-off as the expenses were before recognized we only use the Allowance for Uncollectible Accounts (Debit) with Accounts Receivable (Credit), with this we are recognizing the uncollectible credit of the company.

6 0
3 years ago
A local theatre group wants to increase the membership and attendance at its performances. To do​ so, it hosts free​ shows,
Irina-Kira [14]

Answer:

E) Market Exchange

Explanation:

Market exchange refers to at least two people or firms trading one good or service for another. In this case, the theater group is trading a free show and other promotional activities (standup comedy nights, and volunteer work) in exchange for higher membership to their group or higher attendance to their shows.

A trade does not necessarily imply a money exchange, it can also include goods or services that provide utility for the other party. For example, an increase in group membership will help the theater group perform better.  

5 0
3 years ago
Candy Company had sales of $320,000 and cost of goods sold of $112,000. What is the gross profit margin (ratio of gross profit t
Strike441 [17]

Answer:

The gross profit margin of Candy Company is 65% (second option)

Explanation:

The gross profit margin is defined as:

Mg = (sales - costs) / price of sales  

If for Candy Company the cost are $112,000 and sales $320,000 then the gross profit margin is:

Mg = ($320,000- $112,000) * 100% / $320,000  =  

Mg = $208,000 * 100% / $320,000  =  0.65 * 100%

Mg  =  0.65 * 100%  

Mg  =  65%  

6 0
3 years ago
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