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3 years ago

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

1 answer:

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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Suppose you win a small lottery and have the choice of two ways to be paid: You can accept the money in a lump sum or in a serie

Salsk061 [2.6K]

Answer:

take the payments over time payout

Explanation:

My personal opinion/advice would be to take the payments over time payout. There are many reasons for this, the first one being that most individuals are not used to receiving large sums of cash and usually end up wasting all the money as soon as they receive it, which usually does not occur if the payments are made over time. The second and more important reason is that if the payments are made over different years your would pay a much lesser amount on taxes every year that passes. This means that the even with the interest rate you would most likely have more overall money if you take the payments over time.

8 0

3 years ago

Precision Construction entered into the following transactions during a recent year.

shusha [124]

Answer:

Jan-02

Dr Bulldozer $ 250,000

Cr Cash $ 20,000

Cr Note Payable $ 230,000

Jan-03

Dr Bulldozer $ 20,000

Cr Accounts Payable $ 20,000

Jan-30

Dr Accounts Payable $ 20,000

Cr Cash $ 20,000

Feb-01

Dr Repair and Maintenance Expense $ 800

Cr Cash $ 800

Mar-01

Dr Computer Software $ 3,600

Cr Cash $ 3,600

Explanation:

Preparation of the journal entries for each of the above transactions.

Jan-02

Dr Bulldozer $ 250,000

Cr Cash $ 20,000

Cr Note Payable $ 230,000

(Purchased bulldozer)

Jan-03

Dr Bulldozer $ 20,000

Cr Accounts Payable $ 20,000

(Replaced tracks on bulldozer)

Jan-30

Dr Accounts Payable $ 20,000

Cr Cash $ 20,000

(Paid cash)

Feb-01

Dr Repair and Maintenance Expense $ 800

Cr Cash $ 800

(Repaired seat of bulldozer)

Mar-01

Dr Computer Software $ 3,600

Cr Cash $ 3,600

(Purchase computer software)

8 0

2 years ago

On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The ra

EleoNora [17]

Answer:

Nov 11

Dr Cash 7,875

Cr To Sale 7,875

Nov. 11

Dr Cost of Goods Sold 2,100

Cr To Inventory 2,100

Nov. 30

Dr Warranty Expenses 630

Cr To Warranty Liability 630

Dec. 9

Dr Warranty Liability 300

Cr To Inventory 300

Dec. 16

Dr Cash 16,500

Cr To Sales 16,500

Dec. 16

Dr Cost of Goods Sold 4,400

Cr To Inventory 4,400

Dec. 29

Dr Warranty Liability 600

Cr To Inventory 600

Dec. 31

Dr Warranty Expenses 1,320

Cr To Warranty Liability 1,320

1.b Journal Entries for 2017

Jan 5

Dr Cash 11,250

Cr To Sales 11,250

Jan 5

Dr Cost of goods sold 3,000

Cr To Inventory 3,000

Jan 17

Dr Warranty Liability 1,000

Cr To Inventory 1,000

Jan 31

Dr Warranty Expenses 900

Cr To Warranty Liability 900

2)a. Warranty Expenses= $630

2b. Warranty Expenses= $1,320

3). Warranty Expenses= $900

4). Estimated Warranty Liability Account $1,050

5). Estimated Warranty liability account $900

Explanation:

Preparation of the Journal entries for Lobo Co

Journal Entries for 2016 for Lobo Co

Nov 11

Dr Cash 7,875

Cr To Sale 7,875

Nov. 11

Dr Cost of Goods Sold 2,100

Cr To Inventory (20*$105) 2,100

Nov. 30

Dr Warranty Expenses 630

($7,875*8%)

Cr To Warranty Liability 630

Dec. 9

Dr Warranty Liability 300

(15*$20)

Cr To Inventory 300

Dec. 16

Dr Cash 16,500

Cr To Sales 16,500

Dec. 16

Dr Cost of Goods Sold 4,400

Cr To Inventory 4,400

(220 * $20)

Dec. 29

Dr Warranty Liability 600

(30*$20)

Cr To Inventory 600

Dec. 31

Dr Warranty Expenses 1,320

($16,500*8%)

Cr To Warranty Liability 1,320

1.b Journal Entries for 2017

Jan 5

Dr Cash 11,250

Cr To Sales 11,250

Jan 5

Dr Cost of goods sold 3,000

(150*$15)

Cr To Inventory 3,000

Jan 17

Dr Warranty Liability 1,000

(50*$20)

Cr To Inventory 1,000

Jan 31

Dr Warranty Expenses 900

(11,250*8%)

Cr To Warranty Liability 900

2)a. Warranty Expenses for Nov. 2016

Warranty Expenses= $7,875*8%

Warranty Expenses= $630

2b. Warranty Expenses for Dec. 2016

Warranty Expenses= $16500*8%

Warranty Expenses= $1,320

3). Warranty Expenses for Jan. 2017

Warranty Expenses= $11,250*8%

Warranty Expenses= $900

4). Estimated Warranty Liability Account as on Dec. 31, 2016

Estimated Warranty Liability Account= $630 + $1,320 - $300 - $600

Estimated Warranty Liability Account= $1950- $900

Estimated Warranty Liability Account= $1,050

5). Estimated Warranty liability account as on Jan. 31, 2017

Estimated Warranty liability account = $1,050 + $900 - $1,050

Estimated Warranty liability account= $900

7 0

3 years ago

When a market’s annual growth rate falls below 10 percent, a star will become a dog if it still has the largest market share?

mezya [45]

That statement is false

according to IX Boston Consulting Group Model, a star will became a cash cow if it still has the largest market share under this circumstances.
This means that the company still making enough cash for its employees and still enjoy a pretty high-profit margin.

3 0

3 years ago

In order to solve abb's problem, the company needed a new technology that could ______

IrinaK [193]

In order to solve abb's problem, the company needed a new technology that could change the companies organizational culture. In many cases, changing how an organization runs and treats their employees gives them advantages to tailor ideas to what fits their employees best. When the culture of an organization aligns their values with the employees there is better work and ideas forming.

4 0

2 years ago