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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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The government banned running of an industry near a famous monument Taj Mahal, but ABC limited does not go by order of the court
notka56 [123]

Answer:

No

Explanation:

Taj Mahal is one of the greatest monument in the world. It is very beautiful. It is located in India. It is made up of white marble. Many people from all parts of the world come to visit Taj Mahal.

But recently the color of the marble changes its color to light yellow due to pollution. The companies near by are emitting harmful gases to the atmosphere for which the color of the white marble changed its color and became light yellowish brown.

In the context, company ABC Limited still operating near the Taj Mahal is not fulfilling its responsibility as it is destroying the beauty and existence of the world famous Taj Mahal.

3 0
3 years ago
Suppose that you are the vice president of operations of a manufacturing firm that sells an industrial lubricant in a competitiv
gladu [14]

Answer:

400

Explanation:

Qd = 45 - 2P

Qd    = -15 + P

45 - 2P = P - 15

60 = 3P

60/3 = P = 20

Q = 45 - 2*20 = 5

Q = -15+20 = 5

The quantity will be 5 and price 20

<u>Now we will caclulate the consumer surplus:</u>

Which the area of the demand curve above the equilibrium.

We calculate he area of a triangle:

base x high / 2

\frac{(45-5)\times20}{2}

consumer surplus = 400

7 0
3 years ago
Etxuck327 Inc. sells a particular textbook for $39. Variable expenses are $28 per book. At the current volume of 49,000 books so
Westkost [7]

Answer:

539,000.00  

Explanation:

As per the contribution margin analysis concept, the break-even point is obtained by dividing fixed cost by contribution margin per unit.

For Etuck327,

The selling price is $39

Variable expense is $28

Break-even in units is 49,000 books.

Contribution margin per unit = selling price - variable costs

=$39- $28

=$11

if Break-even = fixed cost/ contribution margin per unit, then

49,000= fixed cost / 11

fixed costs = 11 x 49000

Fixed costs = 539,000.00    

                   

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Option 4: Threats Based on your own experiences shopping at Target and Walmart and the research you conducted: Identify 1-2 poss
Makovka662 [10]

Answer:

File is attached below

Explanation:

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6 0
3 years ago
You are the owner of a shoe company. You learn that it would be cheaper
diamong [38]

Answer:

Being a businessman and being charitable at the same time is just next to impossible at the time of expanding one's firm.

Explanation:

A business person's main motive has to be his ability to expand, so that he reaches that particular stage to do some charity for his fellow citizens. If you look at the unemployment part, then you must know that every person is somehow talented and in countries like the US, no one lives unemployed.

Therefore, it is necessary for a business person to calculate the cost factors, that does not only include the cost of labors, but also the cost of exporting the materials to Bangladesh and the cost of importing the final products. Then he needs to compare the total cost making the shoes in Bangladesh with making them via the US labors, and then take the decision accordingly.

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3 years ago
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