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3 years ago

Explain the principle of scarcity and how it applies to people as well as countries

1 answer:

5 0

The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently. BREAKING DOWN 'Scarcity' When we talk of scarcity within an economic context, it refers to limited resources, not a lack of riches. These resources are the inputs of production: land, labor and capital. People must make choices between different items because the resources necessary to fulfill their wants are limited. These decisions are made by giving up (trading off) one want to satisfy another.

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Which of the following statement is correct? Group of answer choices The balance sheet shows the firm’s assets, liabilities, and

harina [27]

Answer:

The balance sheet shows the firm’s assets, liabilities, and equity at a given point in time.

Explanation:

While preparing the balance sheet, the accounting equation is to be used that means the total value of the asset is equivalent to the total value of liabilities and the total value of the equity. It shows the financial position for the given period of time.

So as per the given options, the first one is correct

3 0

3 years ago

when an owner records a credit for 650 for revenue earned but not yet received the amount of the debit should be

Tanzania [10]

Debited in receipts and payments account.

I hope it helped you!

4 0

3 years ago

A machine costs $260,000 to purchase and will provide $60,000 a year in benefits. The company plans to use the machine for 12 ye

MaRussiya [10]

Answer:

$133,828.98

Explanation:

The computation of the net present value is shown below:

Year Cash flows Discount factor Present value

0 $260,000.00 1 $260,000.00 (A)

1 $60,000.00 0.9009009009 $54,054.05

2 $60,000.00 0.8116224332 $48,697.35

3 $60,000.00 0.7311913813 $43,871.48

4 $60,000.00 0.6587309741 $39,523.86

5 $60,000.00 0.5934513281 $35,607.08

6 $60,000.00 0.5346408361 $32,078.45

7 $60,000.00 0.4816584109 $28,899.50

8 $60,000.00 0.4339264963 $26,035.59

9 $60,000.00 0.3909247714 $23,455.49

10 $60,000.00 0.3521844788 $21,131.07

11 $60,000.00 0.3172833142 $19,037.00

12 $75,000.00 0.2858408236 $21,438.06

Total present value $393,828.98 (B)

Net present value $133,828.98 (B - A)

The discount is come from

= 1 ÷ (1 + rate) ^ years

4 0

3 years ago

Assume that Superb Hancock uses first-in, first-out (FIFO) for inventory costing instead of the weighted-average inventory valua

icang [17]

Answer: $33,280

Explanation:

With FIFO, materials cost is added at the beginning.

Cost per unit of materials in production:

= 15,000 / 10,000

= $1.50

Cost per unit of conversion:

= 25,000 / Equivalent unit of production for conversion

Equivalent unit of production for conversion:

2,000 units were not transferred at the end of the month seeing as only 8,000 units were:

= 8,000 + (2,000 * 70%)

= 9,400 units

= 25,000 / 9,400

= $2.66

Amount transferred:

= 8,000 units * (Material cost + Conversion cost)

= 8,000 * (1.50 + 2.66)

= $33,280

5 0

3 years ago

At its simplest, acquisition management can be viewed as:

Goryan [66]

Answer:

The correct answer is letter "D": project management plus operations management.

Explanation:

Acquisition management refers to all the efforts a company makes to obtain the materials necessary for the operations process stage to take place. Labor, land, and equipment are the main factors that the company must acquire to make its project become true. Under that scenario, project management and <em>operations management </em>are the core of the <em>acquisition management</em>.

3 0

3 years ago