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Liula [17]
3 years ago
5

How do the Four Key Elements of Economics work in society?

Business
1 answer:
Varvara68 [4.7K]3 years ago
7 0

Four key economic concepts–scarcity, supply and demand, costs and benefits, and incentives

Explanation:

Although possessing a clear knowledge of economic philosophy isn't quite as critical as managing the family budget or studying how to drive a vehicle, the qualities that motivate the analysis of economics affect every moment of our lives. At the most simple point, economics is attempting to understand how and when we make the buying decisions we do.

Four main economic principles – shortage, supply and demand, costs and profits, and opportunities – can help clarify a variety of human decisions.

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Which part of the business plan is an analysis of your competition and the strategies you will use to earn and maintain a compet
gizmo_the_mogwai [7]

A competitive analysis.

A competitive analysis examines the strengths and weaknesses of your competition in relation you your business.

5 0
3 years ago
What is a Benefit of using good human relations
nadezda [96]

Answer:

One of the benefits of using good human relations is that it will help you with your social skills and you will adjust better to different situations.

Explanation:

You can be good at social situations.

4 0
2 years ago
Durban Metal Products, Ltd., of the Republic of South Africa makes specialty metal parts used in applications ranging from the c
gladu [14]

Answer:

<u>Overhead Report for heavy-duty trailer axles.</u>

Order size ($ 16.85 × 200)              $3,370.00

Customer orders ($ 320.00 × 1)        $320.00

Product testing ($ 89.00 × 4)            $356.00

Selling ( $ 1,090.00 × 2)                  $2,180.00

Total                                                 $6,226.00

Conclusion :

The total overhead cost assigned to the order is $6,226.00

Explanation:

ABC system allocates overheads to jobs using cost drivers.

First an Activity Center where costs accumulate is identified these can be several in our scenario we have four Activity Centers.

Then the Cost driver rate is calculated for each Activity Center. Our question has provided these.

The final step is to allocate the overheads to a particular job using the cost driver rate.

7 0
3 years ago
Farr, an unmarried taxpayer, had $70,000 of adjusted gross income and the following deductions for regular income tax purposes:_
Karolina [17]

Answer:

C. $11,000

Explanation:

For computational purposes, both the Mortgage interest as well as the miscellaneous itemized deducted qualify as deductions based on the Schedule A which is the regular tax purposes.

However, only Mortgage interest will be allowable itemized deduction because miscellaneous itemized deductions fall under the category of adjustments and as such do not qualify for deductions under the AMT which is the Alternative Minimum Taxable Income.

Based on the explanation, only $11,000 of mortgage interest qualifies.

5 0
3 years ago
International trade has always played a role in the U.S. economy. Is this role increasing or decreasing (in terms of exports and
Arturiano [62]

Answer: Option (F)

Explanation:

International trade tends to allow nations to expand their respective markets for commodities, goods and services which otherwise wouldn't have been available. As the outcome of the international trade, market tends to contain the greater competition, thus indirectly tends to have competitive prices, that further brings cheaper commodities home to consumer.

The vital point under this scenario is that within the past decade due to technological transformation the cost of communication has decreased drastically and thus has always impacted International trade.

8 0
3 years ago
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