Understanding how income is distributed within and across populations informs firms of different groups purchasing power.
This is further explained below.
<h3>What is
purchasing power.?</h3>
Generally, The buying power of a certain currency is defined as the number of goods and services that can be acquired by spending a specific amount of that money.
For illustration purposes, in the 1950s, if one went to a store with one unit of cash, they would have been able to buy whatever was on the shelf.
Income: money that is earned, often on a regular basis, as a direct or indirect consequence of one's job or investing activities.
In conclusion, Firms need to have an understanding of the distribution of income both within populations and between populations in order to determine the buying power of various groups.
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Land, labor, entrepreneurship and capital are called factors of production since they are transformed into output during the production process.
Factors of production are needed for the production of goods or a service.
Land as a factor of production include the every type of land and the various goods received from it such as oil, gold etc. It can be agricultural land to any real estate commercial land.
While defining labor as factor of production we use their potential to work.
Capital includes money used for performing various functions of production. It is the primary driver of the production.
Entrepreneurship is that element which combines all other factors of production to form a single product or service.
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Answer:
$950,000
Explanation:
<u>Particular Amount Amount</u>
Finish Goods $39,000
W.I.P Goods $34,000
Add: material $27,000
material purchase $555,000
Direct labor $248,000
<u>Factory Overhead $143,000</u>
$1,007,000
Less: material $20,000
W.I.P Goods at end $33,000
<u>Finish Goods $43,000 </u>
<u> $911,000</u>
<u>Total cost of goods sold $950,000</u>
Answer:
$659,277
Explanation:
The computation of the manufacturing labor dollars per year over the three year period of performance is shown below:
For 3 year it is
= 3 × 1,800 hours × $31
= $167,400
For 4.5 years, it is
= 4.5 × 1,800 hours × $31 × 1.025
= $257,377.50
Foe 4 years, it is
= 4 × 1,800 hours × $31 × 1.025 × 1.025
= $254,499.50
So, the manufacturing labor dollars per year is
= $167,400 + $257,377.50 + $254,499.50
= $659,277
A person who does research and analysis of private companies. they preform due diligence, financial modeling and valuation of the companies where investors are willing to invest
