“accounting is ingrained in our society and it is vital to our economic system.” do you agree? explain.

1 answer:

4 0

Accounting whether it is good or bad, it is what makes or breaks a business. A good accounting system will offer the management with the tools to make money-making business decisions. Management, large or small, can see what's profitable and what's causing the business to be unable to find money. A poor accounting system, whether it is disordered or simply illegal can collapse a business. Management will make poor decisions based on poor or non-existent accounting systems. Management sometimes chooses to use accounting for unethical motives. In either case, accounting is ingrained in society and affects the economic system for better or worse. Accounting is important because it is a device that gives an indication of how well the economy is growing, the areas that need improvement and the areas that need to be improved.

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Absolute advantage refers to an individual's capacity to efficiently carry out a task when compared to other individuals or groups.

In economics, this broadly refers to the ability and capacity to produce and conduct an economic good or a particular service in a more efficient manner than the competitors.
In this case Jethro has an absolute advantage in all aspects of camping.
Within the constraints of the economic activity, production is more efficient and higher.
Fewer resources are required to produce a particular commodity and/or service that needs higher resources for the competitors.
With fewer inputs, the outputs stand maximized in the context of absolute advantage.

Therefore, Jethro has an absolute advantage in all aspects of camping: he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tents, making a meal, and washing up.

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