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Debora [2.8K]
3 years ago
10

Factors of production are: the laws that regulate manufacturers. the technological innovations available to companies. the resou

rces used to create output. the waste left over after goods are produced.
Business
1 answer:
mestny [16]3 years ago
4 0

Answer:

the resources used to create output.

Explanation:

Factors of production are the resources used to create output.

They include :

Land : land is all natural resources used in the production process.

Capital - Capital includes all man made resources used in the production process

Labor : all human effort expended in the production process

Entrepreneurship : organizes all other factors of production

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With one (1) example each, state and explain five (5) outputs derived from a business policy
vekshin1

Answer:

Business Policy refers to how a company guides it's actions towards achieving it's goals. In other words these are guidelines and actions that the company sets out as required for it's employees that the company may achieve long term goals.

Outputs of Business Policy includes,

a. Easier Decision Making

When a business properly sets out it's policy on certain actions then employees make decisions easier in relation to actions that would otherwise have been unclear as to how they could be resolved.

For example, stating that the company does not take gifts from clients will help a Fund Manager for example, avoid receiving tickets to a game from a client as gratitude for a job well done.

b. Outline Job Expectations

Business Policies let employees know exactly what is expected of them so that they may act accordingly. Surprisingly more often than not, employees can act in a certain way that could hurt the firm simply because they did not know better. Well established business policies can solve this problem.

For example, by stating the decision authority of jobs in a Department, employees can know not to overstep.

c. Employee Efficiency

Establishing business policies can help improve the work rate of employees by giving them.incentives, quotas, requirements or by removing distractions. The Employees will therefore focus more on their work and work better to improve the company.

For example, mandating that Social Networks not be used on company time will help some employees focus better.

d. Consistency

Well established business policies ensure that there is consistency in the operations of the business. Policies will tell the Employees how things are done and even when new employees come, the policies can guide them in their work so that they can pump out a consistent level of work to company expectations.

For example, Stating Audit Policy in an Audit Firm so that all employees may audit companies in a certain consistent way for easier comparison.

e. Improves Working Environment

Good and well implemented Business policies reduces friction amongst Employees amongst themselves and with management. Because everyone will have their roles, they will act accordingly and avoid stepping on the shoes of others.

For example, a certain team will be in charge of one facet of production and another team will be in charge of another. This way the teams don't clash on decisions to be made in the facet of production that they are in charge of.

8 0
3 years ago
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimate
natta225 [31]

Answer:

1. Vacation pay expense Dr. 3500

Vacation pay payable 3500

2. It is recorded at the company's balance sheet as the accrued liabililty at the liabilities portion.

3. The amount will be removed once the vacation pay is paid and is debited to income account.

4 0
3 years ago
Problem 8-15 Comparing Investment Criteria [LO 1, 3, 4, 6] Consider the following two mutually exclusive projects: Year Cash Flo
stiks02 [169]

Answer:

Payback period (A)  is 3.44 years

Payback period (B)  is  2.39 years

Explanation:

Cash Flow (A)   –$428,000; $42,500;  $63,500;  $80,500;  $543,000

Cash Flow (B)   –$41,500; $20,700; $13,000; $20,100; $16,900

The payback period will note consider discounting rate, thus we do manual counting till the cash flow equal to zero (0)

Payback period = Number of Years immediately preceding year of break-even + (investment - cashflow of Years immediately preceding year of break-even)/ cashflow of year break- even

Project A will be break even in Year 4, then

Payback period (A)  = 3 years + ($428,000 - ($42,500+$63,500+$80,500))/ $543,000 = 3.44 years

Project B will be break even in Year 3, then

Payback period (B)  = 2 years + ($41,500 - ($20,700+$13,000))/$20,100 = 3.44 years = 2.39 years

8 0
3 years ago
Knowing the educational requirements for a job you are interested in is very important. For example, to become a doctor would re
Ray Of Light [21]

Answer: It is very important because you need to be prepared to invest the time and money necessary to gain the required skills.

Explanation:

7 0
2 years ago
Kenny Lauren want to establish a nonprofit organization to help orphans find adoptive homes. They know that they will need a lar
Vsevolod [243]

Answer: C - Crowdfunding

Explanation: Investors, loans, and selling products and services would not gain them enough financial support, whereas crowdfunding will in an efficient way.

4 0
3 years ago
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