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KIM [24]
3 years ago
15

Economic theory defines specialization as the production of one or just a few goods and services. Specialization refers to how a

n individual, organization, state or country focuses available resources. Instead of trying to produce and sell many different products, people or countries use overstock to trade for what they may need. The system trade uses the concept of specialization. One country may have the resources to produce sugar at a low cost. Another country may choose to specialize in beef. Each produces more than what they need in order to obtain other goods at a lower cost. What conclusion can be inferred from the above text?
Business
1 answer:
Delvig [45]3 years ago
3 0

Answer:

Both countries can benefit from trade through specialization.

Explanation:

Specialization refers to the situation when an individual, organization or country focuses on available resources and instead of producing a lot of products, they produce what they may need.  

A country achieves specialization by producing a greater quantity of the goods it can produce at lower opportunity cost.  

Through specialization, both countries involved in trade can produce well in a larger quantities than they need to consume. They trade the excess goods and are able to consume at a point beyond their production possibility curve.

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Options:

a. Institute for Safe Medication Practices.

b. Institute of Medicine.

c. National Committee for Quality Assurance.

d.The Joint Commission.

Answer:

b. Institute of Medicine.

Explanation:

Interestingly, according to information found on its website, the The Institute of Medicine (IOM) is an independent, nonprofit organization that provides advice to decision makers and the public, which includes distributes information related to health care for the purpose of improving health to governmental agencies, the public, business, and healthcare professionals.

5 0
3 years ago
Who are risk takers in search of profits
AlekseyPX

Answer:

entrepreneurs

Explanation:

4 0
3 years ago
In Spring 2018, Parmac Engineering Company signed a $160 million contract with the city of Parkersburg, to construct a new city
marta [7]

Answer:

By using the percentage-of-completion method the $64 million revenue should Parmac recognize in 2018

Explanation:

Percentage-of-completion method : Under this method,

First we have to calculate the percentage which is based on current period cost to total period cost.

After that, multiply the percentage with the revenue so that we get to know how much revenue is being recognized during an particular year.

In mathematically,

Estimated Cost percentage =  current period cost ÷ total period cost

                                              = $48 million ÷ $120 million

                                              = 40%

Now,

Revenue recognized = Estimated cost percentage × Revenue

                                   = 40% × $160 million

                                   = $64 million

Hence, by using the percentage-of-completion method the $64 million revenue should Parmac recognize in 2018

7 0
3 years ago
On October 15, 2018, Jon purchased and placed in service a used car. The purchase price was $25,000. This was the only business
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Answer: Total deduction= $2,528

Explanation:

25000*0.2*0.8=4,000  

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Total deduction = 3,160*0.8

Total deduction= $2,528

5 0
3 years ago
Luck is what happens when preparation meets opportunity.
elena-s [515]

Answer:

Roman philosopher Seneca once said, “Luck is what happens when preparation meets opportunity.”

Explanation:

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2 years ago
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