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sweet-ann [11.9K]
3 years ago
8

Explain how money encourages specialization, and how specialization improves everyone's standard of living.

Business
1 answer:
ad-work [718]3 years ago
6 0

Specialization improves the  standard of living of each and every member of a society because if the number of  people who specialize  in certain areas increase they  will be able to innovate new things which will make life easier for all the people.

Explanation:

Money helps in improving specialization because it is with the help of money only  we can import and export to other countries.

Lets take an example :Suppose China  specializes in making cheap Plastic products it is only possible through the usage of appropriate machinery required for the production of Plastic items.China needs to import the machinery from USA for that it needs money and if china has money it can use the money to buy those machinery .Thus we can say that specialization is linked with money.

Now ,another aspect of the question is that as a country specializes in production of a particular item /product ,its exports will increase .The demand for its product will increase ,so more income is coming from outside the company,thus the standard of living of the people also improves with specialization.

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Stimpleton Company engages in the following cash payments:
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Answer: Option A

Explanation: Operating activities refers to those activities which are directly related to the core operations of the business. Such transactions are important for running the business and recorded at the top in cash flow statements.

Thus, only payment of rent and workers salary will be considered operating activities and the company will be having total of $1750 of cash outflow.

Hence the correct option is A.

4 0
3 years ago
Morrison and Greene have decided to form a partnership. They have agreed that Morrison is to invest $150,000 and that Greene is
Gekata [30.6K]

Answer:

1) net income = $115,000

a) Morrison receives $57,500

Greene receives $57,500

b) Morrison receives $86,250

Greene receives $28,750

c) Morrison receives $38,333

Greene receives $76,667

d) Morrison receives ($150,000 x 6%) + $51,500 = $60,500

Greene receives ($50,000 x 6%) + $51,500 = $54,500

e) Morrison receives $3,750 + $40,000 = $43,750

Greene receives $1,250 + $70,000 = $71,250

f) Morrison receives $3,750 + $40,000 = $43,750

Greene receives $1,250 + $70,000 = $71,250

2) net income = $200,000

a) Morrison receives $100,000

Greene receives $100,000

b) Morrison receives $150,000

Greene receives $50,000

c) Morrison receives $66,667

Greene receives $133,333

d) Morrison receives $9,000 + $94,000 = $101,000

Greene receives $3,000 + $94,000 = $97,000

e) Morrison receives $9,000 + $40,000 + $39,000 = $88,000

Greene receives $3,000 + $70,000 + $39,000 = $112,000

f) Morrison receives $9,000 + $40,000 + $30,000 = $79,000

Greene receives $3,000 + $70,000 + $18,000 + $30,000 = $121,000

8 0
3 years ago
Milton is the sales manager of a cosmetics company that offers a wide range of face creams, lipsticks, and eye makeup. some of t
posledela
To carry out this process of division of the <span>company's vast customer base into distinct segments so that the company's sales people can specialize in one line of business only</span>, it is necessary for Milton to possess sound market knowledge. Sound market knowledge involves knowledge, data and information about the product and about the customers.  With this type of market knowledge Milton will be able to meet external users wants and needs and to present them the product on a suitable way.  <span />
5 0
3 years ago
In a capitalist economy the lenders are usually _____ and the borrowers are usually ______.
lana [24]
The answers the fit the given blanks above are FINANCIAL INTERMEDIARIES and FIRMS, respectively. In a capitalist economy, the businesses are held private and therefore, the production and the operation of the business for their profit is only owned by them. 
8 0
3 years ago
An economist resigns her $100,000/year university teaching position to work fulltime in her own consulting business. In the firs
lilavasa [31]

Answer:

ii. Her accounting profit was $150,000

iii. Her economic profit was $50,000

Explanation:

The computation is shown below:

For accounting profit, it is

= Total revenues - total expenses i.e explicit cost

= $250,000 - $100,000

= $150,000

And, for economic profit

= Total revenues - total cost i.e explicit and implicit cost

= $250,000 - $100,000 - $100,000

= $50,000

Hence, the second and third options are correct

7 0
3 years ago
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