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padilas [110]
3 years ago
7

1. The giving up of one benefit or advantage in order to gain another regarded as more favorable.

Business
1 answer:
Serjik [45]3 years ago
7 0

Answer:

1. Trade off

2. Opportunity cost

3. Cost-benefit analysis

4. Diminishing marginal utility

Explanation:

1. Giving up one benefit or advantage to gain another regarded as more favorable is called trade-off. Every economic decision involves some trade-off.

2. Opportunity cost is the second-best alternative or value of the alternative, that must be given up when making a choice. Because of scarce resources with alternative uses allocation of resources involves some opportunity cost.

3. Cost-benefit analysis can be defined as the process of examining the benefits and costs of each available alternative in arriving at a decision. Resources are allocated efficiently if the cost incurred and benefit earned is equal.

4. As we go on increasing the quantity consumed of a product, the marginal utility or satisfaction earned from its consumption goes on decreasing. This is called diminishing marginal utility.

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(C____________ ) among buyers and sellers prohibits a single buyer or seller can dictate the price of a product or resource beca
Sergeu [11.5K]

Answer:

(Competion____________ ) among buyers and sellers prohibits a single buyer or seller can dictate the price of a product or resource because others can undercut that price. The regulatory mechanism of the market system is ( competition___________ ). As the result, the ( _economic_________ ___power_____ ) is widely distributed. In other words, competition diffuses ( __economic________ ___power______ ) and limits the actions of any single seller or buyer.

Explanation:

Economic power refers to the ability of countries, businesses, or individuals to improve their standard of living, making decisions that benefit themselves alone, and reducing the ability of any outside force to reduce their freedom.  Competition refers to the selling and buying of goods and services with others, who are also selling and buying the same goods and services.  It balances economic power, preventing a single individual from monopolizing the market interaction.

6 0
3 years ago
What is ethical behavior?
iren [92.7K]

Answer:

Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Those who have others' interests in mind when they make decisions are displaying ethical behavior. In the workplace, there might be a standard for ethics set throughout the company.

Explanation:

3 0
3 years ago
Suppose a gold miner finds a gold nugget and sells the nugget to a mining company for $600. The mining company melts down the go
KIM [24]

Answer:

GDP grew by $2,200

Explanation:

G<em>ross domestic product (GDP) which is the total market value of all the final goods and services produced in a country over a given period of time. The GDP can be calculated using the value added approach.</em>

Here the GPD figure is ascertained by summing the amount of additional value created by each factor of production at each stage of the production process of the final product.

<em>Only the values added are summed, the cost of the inputs or intermediate goods are not included</em>

<em>In this question, the final value of $2200 represents the amount by which the GDP has increased in the period. This also can be verified using the value-added approach as follows</em>

                                                   Value added($)

Gold miner   -                                   600

Mining company : 1000 -600 =      400

Jewerlry maker  :1600 - 1000 =      600

Departmental store :2200 -1600 = <u>600</u>

Total value added                           <u>2,200</u>

8 0
3 years ago
g Oregon Corp. prepares its financial statements annually and has a calendar year end. The adjusted trial balance ( NO MORE ADJU
Semmy [17]

Answer:

$1,700,000

Explanation:

The computation of the NET accounts receivable (the cash realizable value) at December 31, 2019 is shown below:

= Account receivable - allowance for doubtful debts

= $2,000,000 - $300,000

= $1,700,000

By deducting the allowance for doubtful debts from the account receivable we can get the net account receivable or the cash realizable value

Therefore we ignored the bad debt expense

5 0
3 years ago
What Are Some Reasons To Have A Credit Card?
andreev551 [17]

Answer:

1 Boost your credit history and score

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4 Rewards

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6 No fear of loss or theft

7 Interest free money

8 Merchant protection

9 Insurance on purchases

10 Convenient when traveling

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