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3 years ago

define free market system and identify and describe at least three of its major concepts or attributes

1 answer:

3 0

Free market economies allocate resources through demand and supply with minimal government intervention.

private ownership- all factors of production within the economy are owned mainly by private individuals and organizations.

Free enterprise- owners of factors of production and producers of a goods and services a free to produce what they want through the market forces of demand and supply.

Competition- <span>Companies have a competitive drive, thus better quality goods and more variety of products which are at lower prices. (more productively efficient )</span>

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From 1948 to 2003 the United States experienced an average real GDP growth rate of 3.5 percent and Guatemala had an average real

Luda [366]

Answer:

No, we can’t say

Explanation:

In this question, we are asked to decide if we can say that Guatemala’s standard of living grew more than that of the US’ standard of living between the years 1993 and 2003 given the pointers in the question.

We cannot say that this is correct because of the following reasons;

As observed from the question, the US growth rate was calculated between the years 1948-2003, which is indicative of a 55 year span. Now, comparing this with that of Guatemala, we can see that the span here is just 10 years I.e from 1993 to 2003.

Also, we were not provided with the population growth rate in both countries and this makes it difficult to judge which of the two countries have a better growth in terms of standard of living

5 0

3 years ago

Read 2 more answers

YellowCard Company manufactures accessories for iPods. It had the following selected transactions during 2017. (Note: For any pa

jarptica [38.1K]

Answer:

warrant expense 51,000 debit

cash 6,000 credit

warranty liability 45,000 credit

--to record warrant-related accounts--

interest payable 16,667 debit

interest expense 3,333 debit

cash 20,000 credit

--to record interest expense for the loan and installment--

Manufacturing Facilities 5,192,772 debit

Cash 5,000,000 credit

Restoration Liability 192,772 credit

-- to record the payment to contractor--

Explanation:

Warranty: the additional expected expense are considered warranty laibility

Loan: we previously recorded accrued interest from March 1st to Dec 31th

That is: 200,000 x 10% x 10/12 months = 16,667 payable

At February 28th we recognize the last two month of interest

200,000 x 10% x 2/12 months = 3,333 expense

in total we have 16,667 + 3,333 = 20,000 cash outlay

Facility: the asset should add to all the cost necessary to acquire it:

As the conversion into community center is mandatory it is part of the cost:

present value of the 500,000 in ten years:

$\frac{Maturity}{(1 + rate)^{time} } = PV$

Maturity $500,000.00

time 10.00

rate 0.10000

$\frac{500000}{(1 + 0.1)^{10} } = PV$

PV 192,771.6447

Total cost:

5,000,000 cashg + 192,772 liability = 5,192,772

4 0

3 years ago

Which statement best describes payday leaders and pawnbrokers?

miv72 [106K]

C: They charge extremely high interest rates.

6 0

3 years ago

Read 2 more answers

Organizations have three levels of management: first-line, middle, and top. Each of the managers at these levels has different l

Karolina [17]

Management is of three levels. managerial, middle and top level management.

Explanation:

levels of management can be defined as a part of an organization that maintains responsibility for the overall productivity and the work performance of employees.

Managerial or top level management consists of board of directors. It also consists of the board of directors. Executive or middle level management consist of line or department managers and in this level mostly the managers report top the top level management. next lowest level is the operative or supervisory level management.

Thus mostly consists of supervisors, first line managers. It comes under the organisational hierarchy of a company. top management is responsible and controls the entire organisation.

8 0

3 years ago

Which of the following costs is a mixed cost?

koban [17]

Answer:

3. Rental costs of $5,000 per month plus $.30 per machine hour of use

Explanation:

Mixed cost is the one which has both the factors, variable and fixed.

Sometimes, the segregation is also difficult, when the total cost is given.

In the chosen option also, there is a fixed cost involved that is monthly expense of $5,000.

Further for each hour of machine used the cost increases and is $0.30 per hour.

That is variable as the total will depend upon the number of hours the machine is used.

All the other three are either completely fixed like salary, and depreciation, or either completely variable like electricity cost.

7 0

3 years ago