C. Voluntary Exchange
Voluntary exchange means buyers and sellers freely and willingly participating in marketplace transactions.
Answer: True
Explanation: Specialisation of labour in production is the process of classifying People who have different skills, talents, and interests into groups so they will be better at what they do.
Specialisation in certain tasks often aid workers to produce more quickly and with higher quality especially in assembly line laborers.
Specialization also allows businesses to take advantage of economies of scale, which means that for many goods, as the level of production increases, the average cost of producing each individual unit declines.
The division and specialization of labor has been a force against the problem of scarcity as more product will be produced as against when there is not specialisation in division of labour.
Answer:
The Journal entries are as follows:
(i) On January 1, 2017
Plant Assets A/c Dr. $600,000
To cash $600,000
[To record the depot]
(ii) On January 1, 2017
Plant Assets A/c Dr. $41,879
To To Asset retirement obligation $41,879
[To record the Asset retirement obligation]
Missing information: Based on an effective-interest rate of 6%, the present value of the asset retirement obligation on January 1, 2017, is $41,879.
Answer:
first-mover advantage
Explanation:
First-mover advantage refers to the strategic advantage achieved by the first company that occupies a market segment. In order for a company to gain first-mover advantage it must be the first company to enter a market or at least be the first company to gain competitive advantage in that market.
Unidice is the first company to gain competitive advantage in the data system market because its processing speed is much higher than its competitors.
Sometimes you don't need to be the first one to enter a market, but you need to be the first one to do things right. For example, Microsoft introduced the Surface tablet almost a decade before Apple introduced the iPad, but Apple did it right, therefore Apple gained first mover advantage.
