In economics, a factor of production, resource, or input is what is used in a production process to produce products, i.e. goods or services.
The amounts of various inputs used determine the amount of output according to a relationship known as the production function. The relationship between the inputs a firm uses and the maximum output it can produce with those inputs is called the firm's production function. Factors of production are outputs or inputs used to produce goods and services. They are the resources a business needs to make a profit by producing goods and services. Factors of production fall into four categories: Land, Labor, Capital, Entrepreneurship.
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Answer:
Theodore Levitt
Explanation:
Theodore Levitt was an American economist and professor at the prestigious Harvard Business School (Cambridge, Massachusetts). Also editor of the economic magazine Harvard Business Review (HBR) where they published their articles. It marked a milestone in creating the concept of "globalization" focused on an economic point of view, specifically in its article "Globalization of Markets" was where he referred to it for the first time, thanks to what became very popular and joined the currents of economist thinking.
Answer:
The Rex’s gross income from the partnership in 2019 and 2020 is $1,20,000 and $1,80,000 respectively
Explanation:
The computation of the gross income for each year is shown below:
In 2019:
Gross income = Taxable income × percentage of interest in profits
= $400,000 × 30%
= $1,20,000
In 2020:
Gross income = Taxable income × percentage of interest in profits
= $600,000 × 30%
= $1,80,000
The withdrawn amount is not consider for computing the gross income. So, we ignored it
Nielsen PRIZM uses Market Segmentation.
Explanation:
Market division is the way toward isolating a market of potential clients into gatherings, or sections, in view of various qualities. The fragments made are made out of buyers who will react also to showcasing procedures and who share qualities, for example, comparable interests, needs, or areas.
Market division makes it simpler for advertisers to customize their promoting efforts.
By organizing their organization's objective market into divided gatherings, as opposed to focusing on every potential client exclusively, advertisers can be increasingly effective with their time, cash, and different assets than if they were focusing on buyers on an individual level.
Gathering comparable shoppers enables advertisers to target explicit spectators in a financially savvy way.
Market division additionally lessens the danger of a fruitless or ineffectual showcasing effort.
At the point when advertisers separate a market dependent on key attributes and customize their procedures dependent on that data, there is an a lot higher possibility of progress than if they somehow managed to make a conventional battle and attempt to actualize it over all sections.
Answer:
$2,430F
Explanation:
The formulae for labor rate variance is given as (Actual rate - Standard rate) × Actual hours worked.
Labor rate variance = (Actual rate - Standard rate) × Actual hours worked
Given that;
Actual rate = Actual total labor cost ÷ Actual hours worked
= $119,880 ÷ 8,100
= $14.8 per hour
Standard rate = $15.10 per hour
Actual hours worked = 8,100
Labor rate variance = ($14.8 - $15.10) × 8,100
Labor rate variance $2,430F
