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3 years ago

When an economy relies on specialization,

Business

1 answer:

liubo4ka [24]3 years ago

8 0

Answer:

The correct answer is option D.

Explanation:

Specialization in the economy can be defined as the situation in which an individual or nation produces a limited variety of goods in order to increase efficiency. Specialization improves the standard of living of the people.

If an economy relies on specialization each individual will produce the goods or services that he/she specializes in or has the relatively best ability to produce.

The economy produces the good or services it has the relatively best ability to produce, it relies on trade for other goods.

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Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list

arlik [135]

Answer:

November 17

Trade Receivable-Thomas Company $56,250 (debit)

Revenue $56,250 (credit)

November 26

Cash $55,125 (debit)

Discount Allowed $1,125 (debit)

Trade Receivable-Thomas Company $56,250 (credit)

Explanation:

November 17

Recognize Revenue and Recognize an Asset : Trade Receivable

Trade Receivable-Thomas Company $56,250 (debit)

Revenue $56,250 (credit)

Revenue Calculation = 100 units × $760 × 75% = $56,250

November 26

The payment date is within the cash discount period in terms of credit sale. Hence Thomas Company is granted cash discount of 2% (2/10, n/30).

Cash $55,125 (debit)

Discount Allowed $1,125 (debit)

Trade Receivable-Thomas Company $56,250 (credit)

5 0

3 years ago

In planning their wedding, a couple creates a website that will allow friends and relatives to donate money to their honeymoon e

Mekhanik [1.2K]

Answer: c. Crowdfunding

Explanation: Crowdfunding is funding by many individuals pooling their money together for a common goal, usually via the Internet. The required amount for the project is raised by pooling small sums of money from a large number of people. Each individual acts as an agent of the offering, by selecting and promoting the projects in which they believe in. A wide range of profit-based ventures such as creative projects, medical expenses, travel etc. have employed crowdfunding as a means of sourcing funds.

6 0

3 years ago

Reflect on a time when you recently traded or bought an item. Describe this exchange, using the following economic terms: volunt

stellarik [79]

A purchase or an exchange can be understood as economic processes that use monetary or non-monetary funds, and that occur to satisfy certain needs of individuals and organizations.

<h3 /><h3>Buyer Decision Process</h3>

It occurs from a decision on the need to carry out an economic transaction of a good or service that lasts before and after the moment of purchase. There are five steps in the consumer decision process, which help in the purchase action, which are:

Problem Recognition
Information Search
Evaluation of Alternatives
Purchase Decision
Post Purchase Behavior

Therefore, there are also other exchange processes, such as coincidence of wants, barter and voluntary exchange, which are processes that take place to benefit both parties in an economic exchange without the use of money.

Find out more information about Buyer Decision Process here:

brainly.com/question/13246163

8 0

2 years ago

Government is lobbied to institute price controls because: Multiple Choice

trapecia [35]

Answer:

people care more about their own surplus than they do about total surplus.

Explanation:

Price control can either be a price ceiling or a price floor.

A price ceiling is when the government or an agency of the government sets the maximum price for a good or service. It is usually set below equilibrium price.

Price ceiling increase consumer surplus and reduce producer surplus.

A price floor is when the government or an agency of the government sets the least price a good or service can be sold. It is usually set above equilibrium price.

Price floor increases producer surplus and reduces consumer surplus.

Producers would be advocating for a price floor because it increases their surplus, while, consumers would advocate for a price ceiling.

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the product.

Producer surplus is the difference between the price of a product and the least price the seller is willing to sell the product.

I hope my answer helps you

7 0

3 years ago

Taxable income and pretax financial income would be identical for Skysong Co. except for its treatments of gross profit on insta

inessss [21]

Answer:

See the journal entry below.

Explanation:

Before preparing the journal entry, the following are calculated first:

Income tax expense in 2019 = (Taxable income in 2019 * Tax rate in 2019) + (Taxable income in 2020 * Tax rate in 2020) + (Taxable income in 2021 * Tax rate in 2021) = ($158,000 * 40%) + ($195,000 * 45%) + ($92,100 * 45%) = $193,395

Deferred tax liability in 2019 = (Taxable income in 2020 * Tax rate in 2020) + (Taxable income in 2021 * Tax rate in 2021) = ($195,000 * 45%) + ($92,100 * 45%) = $129,195

Income tax payable in 2019 = Taxable income in 2019 * Tax rate in 2019 = $158,000 * 40% = $63,200

Income tax payable in 2020 = Taxable income in 2020 * Tax rate in 2020 = $195,000 * 45% = $87,750

Income tax payable in 2021 = Taxable income in 2021 * Tax rate in 2021 = $92,100 * 45% = $41,445

The journal entry will look as follows:

<u>Date General journal Debit ($) Credit ($) </u>

31 Dec 2019 Income tax expense 193,395

Deferred tax liability 129,195

Income tax payable 63,200

<u><em> (To record income tax payable.) </em></u>

31 Dec 2020 Deferred tax liability 87,750

Income tax payable 87,750

<u><em> (To record income tax payable.) </em></u>

31 Dec 2021 Deferred tax liability 41,445

Income tax payable 41,445

<u><em> (To record income tax payable.) </em></u>

5 0

3 years ago

When an economy relies on​ specialization,

When an economy relies on specialization,