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irinina [24]
4 years ago
7

What is the best definition of an economic system? economy based on traditional production methods process by which people choos

e how to use limited resources in order to meet their needs government makes the best decisions
Business
2 answers:
melomori [17]4 years ago
5 0

The answer is<u> "process by which people choose how to use limited resources in order to meet their needs".</u>


An economic system refers to an organized way by which a nation allocates assets and appropriates products and ventures over the entire country or a given geographic zone. It is incorporates the mix of a few organizations, elements, offices, basic leadership procedures and examples of utilization that make up the financial structure of a particular network. Hence it is a kind of social framework.  

An economic system characterizes how every one of the elements in an economy cooperate. Characterizing them today is considerably more complicated than it used to be.

kirill [66]4 years ago
3 0
A process by which people choose how to use limited resources in order to meet their needs is the best definition of an economic system. The correct option among all the options that are given in the question is the second option. I hope that this is the answer you were looking for and it has helped you.
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What is the difference between an affirmative action goal and a quota? Is there a difference
Margaret [11]

Answer:

Affirmative action is an effort by institutions to improve educational and economic opportunities for underrepresented groups and communities. Quotas force diversity without factoring in actual inclusion. The pathetic attempt to meet numerical goals to appear diverse.

3 0
2 years ago
At the beginning of the current period, Griffey Corp. had balances in Accounts Receivable of $239,000 and in Allowance for Doubt
denis-greek [22]
It’s c hopefully this helps
3 0
3 years ago
What is strategic prospecting and what is each stage in the strategic prospecting process?
elixir [45]

Answer:

A process designed to identify, qualify, and prioritize sales opportunities, whether they represent potential new customers or opportunities to generate additional business from existing customers

Explanation:

1) Generating Sales Leads

-Qualifying sales leads

2) Determining Sales Prospects

3) Prioritizing Sales Prospects

4) Preparing for Sales Dialogue

5) Remaining stages in the trust-based sales process

8 0
3 years ago
A company wants to set up their headquarters in Spain where the corporate tax rates are as follows: 11% of first $40,000 profits
Andrews [41]

Answer:

Total taxable income  = $245,000

Total Tax = $84430

Explanation:

given data

11% of first =  $40,000 profits

22% of next = $26,000

39% of next = $29,000

42% of  over = $95,000

gross revenues = $380,000

total costs = $120,000

allowable tax deductions = $15,000

to find out

taxable income for the first year and how much should the company expect to pay in taxes

solution

we get here first Total taxable income that is

Total taxable income = Total revenue - (Total cost + Tax deductions ) .......................1

put here value we get

Total taxable income = $380,000 - ($120,000 + $15,000 )

Total taxable income  = $380000 - $135000 = $245,000

so total tax will be

Total Tax =  [0.11 × 40000 + 0.22 × 26000 + 0.39 × 29000 + 0.42  × (245000 95000)  ]

Total Tax = 4400 + 5720 +11310 +63000

Total Tax = $84430

4 0
3 years ago
Frames, Inc. manufactures, produces, and sells picture frames. The frame sells for $25 and the variable operating costs per unit
astraxan [27]

Answer:

D) $320,000

Explanation:

We are given the following information:

  • unit price = $25 per frame
  • variable costs = $12 per frame
  • fixed costs = $50,000 for 25,000 frames or $2 per frame

If Frames is able to sell 30,000 frames in one month, their operating income should be:

Total sales revenue                $750,000 (= $25 per frame x 30,000 frames)

<u>COGS                                      -$430,000 [= (30,000 x $12) + $70,000]        </u>

Gross operating profit            $320,000

7 0
3 years ago
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