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4 years ago

Describe the types of economic resources

Business

1 answer:

vivado [14]4 years ago

5 0

Answer:

There are generally three important types of economic resources: Natural Resources, Human Resources and Capital Resources, that contribute to the economy of the nation.

Explanation:

Economy of any nation is dependant on the resources that the nation exhibits. There are generally three important types of economic resources namely; Natural Resources, Human Resources and Capital Resources.

Natural Resources: These are naturally created resources that are available in any nation and also contributes to the economy of that particular nation. These resources cannot be created by man and are mostly available because of the geographic factors. Examples of these resources are Agriculture, Water resources, etc.
Human Resources: These are manpower that are available to contribute in the growth and development of economy of the nation. Human resources are considered an important asset of any nation. Without the availability of sufficient human resources, the other resources are useless.
Capital resources: These are the financial resources available with any nation that contributes in the development and growth of that particular economy. When wealth and money are used to create more wealth and money, these resources comes under the capital resources of the nation.

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A quality control activity analysis indicated the following four activity costs of an administrative department:

asambeis [7]

Answer:

Given:

Cost of Redesigning a form to reduce errors = $15,000

Cost of Responding to customer complaints = $75,000

Cost of Verifying the accuracy of a form = $30,000

Cost of Correcting errors in forms = $60,000

Sales = $3,000,000

Prevention costs is defined as the costs that incur to obviate or decrease the number of flaw at first places. is defined as the costs that incur to obviate or decrease the number of flaw at first places.

Here Prevention cost is computed as :

Prevention cost = Cost of Redesigning a form to reduce errors + Cost of Responding to customer complaints + Cost of Correcting errors in forms

Prevention cost = $15,000 + $75,000 + $60,000

Prevention cost = $ 150,000

∴ Prevention cost to total sales ratio = $\frac{Prevention \: cost}{total \:sales\: ratio}$

Prevention cost to total sales ratio = $\frac{150000}{3000000}$

Prevention cost to total sales ratio = 0.05

% Prevention cost to total sales = 5%

5 0

3 years ago

Shelly’s assets include money in checking and savings accounts, investments in stocks and mutual funds, and personal property, i

Lady bird [3.3K]

Answer:

The net worth is $92,500

Explanation:

In this question, we apply the accounting equation which is shown below:

Total assets = Total liabilities + shareholder's equity

$108,800 = $16,300 + shareholder's equity

So, the shareholder equity or net worth equal to

= $108,800 - $16,300

= $92,500

These are the items of the balance sheet. By using the accounting equation, the total debit and the total credit side of the balance sheet items should always be balanced and equal.

8 0

3 years ago

Ben makes an appointment for a $50 haircut, buys a bike for $250, and agrees to work for Coding Associates for one year for $5,0

galina1969 [7]

Answer:

The correct answer is d. none of the choices.

Explanation:

A contract is an agreement, usually written, although it can also be spoken, by which two or more parties mutually commit themselves to respecting and fulfilling a series of conditions. It is a type of legal act involving two or more people and is intended to create rights and generate obligations, therefore transmitting rights and obligations to the parties that sign it.

It is governed by the principle of autonomy of the will, according to which, it can be hired on any subject not prohibited. The contracts are perfected by mere consent and the obligations arising from the contract have the force of law between the contracting parties.

Currently the contract is an economic instrument to negotiate, to meet needs. Contracts are used to agree on services, products, locations, among others.

4 0

3 years ago

Knowledge Check 01 Which of the following is a correct statement regarding control of over-the-counter cash receipts: multiple c

nevsk [136]

Answer: The supervisor should compare the register transactions with the cash receipts report to make sure that both are correct.

Explanation:

The cash register shows the actual amount of money that is collected by the business during the day and the cash receipts journal records the cash collected.

There is therefore a need to ensure that these two tally up as a control method. The supervisors should therefore check for this and if they find that these two are not the same, it means that there is an error somewhere that needs to be rectified.

4 0

3 years ago

An effective vision stretches and challenges people and can result in increased innovation as illustrated by Apple's CEO Steve J

sergey [27]

Answer:

True

Explanation:

A vision is something that can be seen so that will people can be motivated to move towards it. An effective vision is a vision that has a direction, clear, purposeful, challenging, unique and inspiring to people working towards the vision.

Important characteristics of an effective vision is that it be purposeful and challenging. An effective vision is said to be purposeful when it the organisation and its people derive a a larger sense of purpose from it making them to feel as part of something bigger. An effective vision is challenging when it challenges, stretches and sets a high standard for the company.

Therefore, an effective vision stretches and challenges people and can result in increased innovation as illustrated by Apple's CEO Steve Jobs.

6 0

4 years ago

Describe the types of economic resources​

Describe the types of economic resources