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3 years ago

Which of the following is not a factor of production?

Business

2 answers:

kumpel [21]3 years ago

6 0

Money, political resources, and infrastructure are not considered economic factors of production.

just olya [345]3 years ago

6 0

Answer

The correct answer is option B.

Goods and services.

Explanation

Neoclassical view of the economics suggests four factors of the productions which serve as inputs to carry out production Goods and services on the other hand are the end products that are derived from the process of production.

Further Explanation

The four factors of production are:

Land – The land as a factor of production refers to the commercial significance of land to support an economic activity. The land as a resource can be used by the farmers to conduct agricultural practices or it can be consumed to derive natural resources like oil and gold.

Labor – Labor refers to the effort made in order to carry on the production activity. The skilled manpower is necessary to fruitfully ensure the process of production in producing the goods and services.

Capital – Capital as a factor of production refers to the assets such as knowledge, tools, machinery etc. which factors the process of production to produce further goods and services.

Entrepreneurship – This factor of the production combines with all other factors of the production to ensure the production of goods and services.

Learn More

Learn more about the market value of the goods and services : brainly.com/question/6278309 ; Answered by Likableadvisers

Learn more about the : brainly.com/question/7421468 ; Answered by Kendra241

Keywords

Factors of production, the four factors of production, goods and service as factor of production.

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Assume the following data concerning a purchase of merchandise by Icon Co. on April 2:

kari74 [83]

Answer:

Correct answer is $4,000

Explanation:

During the purchase on April 2, Icon Co. should recognize the gross amount of $4,000 purchases. Unless it is clearly stated in the problem that Icon Co. uses net method in recording discounts, said discount will be recognized and recorded upon payment of the purchases that falls into the discounted period of contract. Purchase returns will be recognized on the day the company made it.

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3 years ago

A company had the following purchases and sales during its first month of operations: January 1 Purchased 10 units at $4.00 per

iragen [17]

Answer:

$59.00.

Explanation:

Because it is perpetual method we will check the inventory available at the moment of each sale.

First sale:

Inventory Available Jan 1st 10 units at $4

sales 6 units COGS $4 = 24

Second Sale:

Inventory Available Jan 1st 4 units at $4 $16

Jan 17th 8 units at $5.5 $44

Total 12 untis at $60 = 60/12 = $5 per unit

sales 7 units COGS $5 = 35

Total COGS 35 + 24 = 59

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3 years ago

At the beginning of the current season on April 1, the ledger of Kokott Pro Shop showed Cash $3,800; Inventory $4,300; and Commo

KIM [24]

Answer:

Explanation:

1. Journal entries for the month of April 2017

Apr.5

Dr Inventory 1300

Cr Accounts Payable 1300

(Purchase of goods on account from Hogan)

Apr.5

Dr Inventory 50

Cr Cash 50

(Freight charges on purchases)

Apr.9

Dr Accounts Payable 100

Cr Inventory 100

(Credit received for returned goods from Hogan)

Apr.10

Dr Accounts Receivable 880

Cr Sales 880

(Sales of goods on account)

Apr.12

Dr Inventory 750

Cr Accounts Payable 750

(Purchase of goods on account from Duffer)

Apr.14

Dr Accounts Payable 1200

Cr Cash 1176

Cr Inventory 24

(Payment made to Hogan in full)

Apr.17

Dr Accounts Payable 50

Cr Inventory 50

(Credit received for returned goods from Duffer)

Apr.20

Dr Accounts Receivable 880

Cr Sales 880

(Sales of goods on account)

Apr.21

Dr Accounts Payable 700

Cr Cash 693

Cr Inventory 7

(Payment made to Duffer in full)

Apr.27

Dr Sales 30

Cr Accounts Receivable 30

(Credit granted to customers for flaws in goods)

Apr.30

Dr Cash 850

Cr Accounts Receivable 850

(Payment received from custmers on account)

2. T accounts calculation is attached with this answer

3. KOKOTT PRO SHOP

Trial balance as at April 30, 2017

Account Debit Credit

Cash 2731

Accounts Receivable 6219

Inventory 880

Common Stock 8100

Sales 1730

T o t a l 9830 9830

4. KOKOTT PRO SHOP

Income statement for the month ending April 30, 2017

Sales Revenue 1730

Cost of goods sold (6,219 - 5,469) 750

Gross profit 980

Download xlsx

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3 years ago

Sonia opened a yoga studio where she teaches classes and sells yoga clothing. Variable costs for Sonia's yoga studio include the

LekaFEV [45]

Answer:

B. (i) and (ii) only

Explanation:

A variable cost is a corporate expense that changes in proportion to production output. Variable costs increase or decrease depending on a company's production volume; they rise as production increases and fall as production decreases. Examples of variable costs include the costs of raw materials and packaging.

In Sonia's yoga studio, the only costs that change as the quantity of the good or service of the business produces changes are :

1. Tank tops

2. Wages paid to the other yoga instructors.

These two costs can change as business becomes bigger and expands.

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3 years ago

Read 2 more answers

Companies raise capital in two main ways ___________.

choli [55]

Answer:

Two important ways are debt and equity

Explanation:

Companies has two ways in which they could raise the capital is debt which is an amount borrowed by one party from another and it is borrowed under a condition that is to be paid back at date which is decided along with the interest and equity is called as the shareholder equity which the amount that would be returned to the shareholders of the company if all the assets are liquidated.

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3 years ago