Answer:
Hi
The factors of production are the basic elements to produce goods and services to meet our needs. They can be nature, work and capital, but currently, it considers that there are five productive factors, since the three already mentioned have been added, the human knowledge that is incorporated into the work and technology factor, which is incorporated into the capital.
- Natural resources. They are those that are available in nature and are used as raw material (minerals, trees, plants) or as a source of energy (water, oil, wind) in the production of goods.
- Capital. It is the financial resources, such as money, that must be invested in the production of new goods or services. Material resources are also counted as part of the capital factor, it is the set of material goods created by people and used to produce goods or services.
- Job. Most important productive factor and refers to the physical and intellectual effort developed by people, with the objective of intervening in the productive activity. Its effort, its educational level, its technical training and professionalism, as well as its values are essential for the quality of the production process and the success of a company.
Explanation:
Answer:
loss on fire and storms 710,000
insurance expense zero as the firm didn't acquire any
Explanation:
Notice it state <u><em>"if the company were to obtain insurance"</em></u> Which means it currently has none insurance.
If the firm had an insurance the amount of losses would be deducted from the insurance policy but there is none so we disclosure the entire loss as a result of the period.
Hence, we should recognize the entire loss on fire and storm damage of 710,000 during the year and no insurance expense.
Answer:
A corporation
Explanation:
A business is an agency–typically a group of individuals or a firm–allowed by the government to operate as a single body (a legal entity) and recognized as being for other functions of law.
Early constituted institutions were created by charter (i.e. through an arbitrary act issued by a sovereign or enacted by a statute or house of commons).
Corporations come in various forms but are typically separated by the statute of authority in which they are subcontracted on the grounds of two dimensions: that they are willing to issue securities or if they are founded to turn a profit.
Answer:
c) A government insurance program that will pay back account holders if the bank or lending institution fails
Explanation:
The FDIC is an acronym for Federal Deposit Insurance Corporation. It was founded by Franklin Roosevelt on the 16th of June, 1933.
FDIC is a government insurance program that will pay back account holders if the bank or lending institution fails.
The income generated from the premium payments of insured banks is used to fund or finance the FDIC.
Answer:
The correct answer is: reduce; not as highly valued as others.
Explanation:
All the economic systems must provide people with the goods and services that they want and need. But it is also necessary to limit them from getting as much as they wish.
This is because providing as many goods and services as they want may lead to a reduction in efficiency. Economic efficiency is achieved when resources are allocated in such a way that there is no wastage and resources are allocated to most valued use.
If the economic systems do not restrict the production of goods and services as much as they want it may lead to the production of those goods and services that are not as highly valued as others. This will cause wastage of resources, thus reducing the economic efficiency of the system.
