Answer:
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor.
Explanation:
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Answer:
The correct answer is True.
Explanation:
This statement, a cost object is anything for which management desires a separate tracking of costs, while a cost driver is the factor that causes the cost object to increase or decrease, is correct.
These terms are mostly used in activity based costing (ABC) system.
Examples of Cost Object are material procurement costs, quality control costs, materal handling costs, line set up costs e.t.c.
Example of Cost drivers are number of purchase orders, number of inspections, numbers of set-ups e.t.c.
Answer:
a. The power and influence of industry driving forces
Explanation:
As per Michael Porter, there exist five competitive forces that influence competition in an industry. The five forces as per Porter are:
- Potential entrants
- Industry competitors
- Customers
- Substitutes
- Suppliers
Potential entrants refers to the risk of new entrants in the market.
Industry competitors refers to the extent of rivalry and competition between existing firms.
Customers relate to the negotiating or bargaining power of the customers and to what extent they exercise such power.
Substitutes refer to the emergence of substitute products in the market which may drive down a firm's sales.
Suppliers relate to the bargaining power exercised by suppliers with respect to inputs.
