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kotykmax [81]
3 years ago
10

Martin has given himself an entertainment budget of $5 per week. He has decided that each week he will spend that $5 by either a

ttending a matinee movie at his local theater or downloading five songs by one ofhis favorite artists. What is the non-monetary opportunity cost of seeing a movie this week?- Five songsOpportunity cost is:- The value of the opportunity that you give up when you choose one activity instead of another.In the circular model, only by selling resources _____ can obtain the income they need to buy the products they want to consume.- householdsA waste of resources that could have been used to produce something else occurs when:- MB < MCEconomics is the study of how individuals and societies allocate ____ resources among many competing uses.- limitedThe value of the next-best foregone alternative is the _______cost. - opportunity
Business
1 answer:
777dan777 [17]3 years ago
4 0

Answer:1.Factor services, 2 scarce resources, 3. opprtunity cost or real cost or true cost

Explanation:

Circular flow.of income: This is the system of how goods and services flow in for consumption by the households.it also shows the intrrelationship between the households and the business sector of the economy. From the diagram of the circular flow of income, the outer circle presented the flow of real services for productive agents such as land, Labour, capital and enterprise to the business sector.while the flow of goods and services are produced from the inner circle reflect the monetary aspect of what the outer circle produced.

Scarcity : This concept is used to explain how the human wants are unlimited, since human wants are unlimited so the resources to satisfy them are also limited . In order to solve the problem of scarcity, man has to make a choice by ranking his wants in their order of priority this is where we have the scale of preference.

Opportunity cost : This is the cost which described the cost of one product in terms of forgone alternatives. It is the alternative that is forgone in order to satisfy a want. For example a student who need a book that is costing $10, and a cloth that is also costing $10. If the student buys the book instead of the cloth, then the opportunity cost of his choice is the cloth that such student has forgone.

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8 0
2 years ago
If you wanted to add up the total economic assets owned by a person or family minus all debts, you would be measuring __________
irga5000 [103]

If you wanted to add up the total economic assets owned by a person or family minus all debts, you would be measuring wealth. Wealth is the total value of all valuable assets owned by an individual, community, business, or country. Wealth is calculated by deducting all debts from the total market value of all physical and intangible assets owned.

Wealth is the total value of all valuable assets owned by an individual, community, business, or country. Wealth is calculated by deducting all debts from the total market value of all physical and intangible assets owned. Wealth is essentially the accumulation of scarce resources.

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8 0
1 year ago
A list of financial statement items for Blossom Company includes the following:
cricket20 [7]

Answer:

Total current assets            $83,580

Explanation:

The preparation of the current assets section of the balance sheet is shown below:

<u>Current Assets                  Amounts </u>

Cash                                   $22,360

Debt investments(short term) $17,360

Accounts receivables     $30,100

Supplies                             $8,170

Prepaid Insurance              $5,590

Total current assets            $83,580

5 0
2 years ago
Honda has developed aluminum car bodies that are 100% recyclable and light enough to help conserve fuel. What kind of response i
andreyandreev [35.5K]

Answer:

b. Proactive

Explanation:

Proactive response is a corporate response in which the corporate anticipates or identifies the problem and develops ways and methods to reduce the impact or eliminate the problem.

Here in the question development of recyclable aluminium car bodies will actively help in reducing the demand of the fresh aluminium.

Also,

the reduction or the conserving of fuel will help reducing the fuel demands which is among the major source of CO₂

6 0
3 years ago
MCO Leather Goods manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $4 per pound and 0.
ruslelena [56]

Answer:

Direct Materials Purchases Budget Sept 51680  October  60160              

Direct labor Budget September 54600 October  66150

Overhead Budget Sept  $ 20920  October  $23,230

Explanation:

The budgets are calculated in the following ways.

We multiply the required material , direct labor hour or variable overhead rate with the given number of units and then with the cost per unit to get the total costs.

MCO Leather Goods Manufacturers

Direct Materials

<u>Purchases Budget</u>

                              September      October      November

Production              5200             6300             6100

<u>Pounds per units       *  2                 *2                    *2</u>

<u>Total Pounds           10400           12600           12200</u>

Cost per pound         * $4               * $4                   *$4

<u>Total cost                41600           50400           48800 </u>

On hand

<u>Inventory               + 10080             + 9760                 ---     </u>

Direct Materials

<u>Purchases Budget  51680           60160                     </u>

<u></u>

MCO Leather Goods Manufacturers

Direct Labor Budget

                                       September           October

Production                        5200                   6300

<u>Hours required per unit * 0.7                          *0.7</u>

Total hours                      3640                      4410

<u>Rate per hour                 * $15                           *$15</u>

<u>Total labor Cost            54600                   66150</u>

 

MCO Leather Goods Manufacturers

Factory Overhead Budget

                                       September           October

Production                        5200                   6300

<u>Hours required per unit * 0.7                         * 0.7</u>

Labor Hours                      3640                  4410

<u>Variable OH                      * $3                     *$3        </u>

<u>Variable Costs                 $10920             $13230</u>

<u>Fixed OH                        + $10,000             +$10,000</u>

<u>Total OH                          $ 20920             $23,230</u>

8 0
2 years ago
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