Free trade refers to a condition in which a country does not attempt to limit what its citizens can buy from or sell to another country.
<h3>Free trade</h3>
They can extend new markets, increase gross domestic product, and invite new acquisitions.Countries must negate the domestic advantages of free trade agreements with their results.
Under a free trade policy, goods and services can be purchased and sold across international borders with little or no government tariffs, quotas, grants, or prohibitions to inhibit their exchange. The idea of free trade is the opposite of economic isolationism.
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<span>Supply is the quantity of a good or service that producers are willing and able to offer for sale at various prices. </span><span>The two conditions that must be met in order there to be supply of a product are:
1. Buyers must be willing for it
2.Buyers must be able to pay for
</span>The Law of supply states that <span>as the price of a good or service increases, the quantity supplied increases, and vice versa.</span>
Four important elements can contribute to profitability. Costs are coming down, turnover is going up, production is going up, and efficiency is going up. You can also develop new goods or services or grow into new market segments.
<h3>What are the steps to take to make the firm profitable?</h3>
This manual shows how to evaluate the profitability of your company, provide growth for your bottom line, and plan and manage change. Your profitability may be boosted by careful expense control. Although most organizations may discover some waste to eliminate, it's crucial to avoid compromising the quality of your goods and services in order to save money.
It is efficient to use activity-based costing to determine the true cost of particular company activities. By allocating sections of all your expenditures, including those for employees, real estate, and raw materials, to certain activities, activity-based costing enables you to determine how much it costs you to perform a given business function.
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Answer:
Cafeteria Plan
Explanation:
This compensation plan allow employee to choose benefit of their choices from the number benefit available
A company that operates over the long term in a perfectly competitive market is compelled by competition to change its scale of operation until average cost is minimized.
More about perfectly competitive market:
In a market structure known as perfect competition, numerous businesses sell comparable goods while making almost little profit because of the intense competition.
A market that is perfectly competitive is one in which all enterprises sell the same good and where there are no barriers to entry or leave. The existence of several enterprises and the homogeneity and uniformity of the products are essential elements of perfect competition.
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