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4 years ago

If a society decides to produce consumer goods from its available resources, it is answering the basic economic question,

Business

2 answers:

ASHA 777 [7]4 years ago

7 0

Answer:

Your answer is: "How do we produce?"

This includes whom we produce for, and what we should produce.

Jet001 [13]4 years ago

3 0

Answer:

What to produce?

Explanation:

1) If a society decides to produce consumer goods from its available resources, it is answering the basic economic question:

In terms of Production, there are these main problems:

1) What to produce? 2) How to produce? 3) For Whom to Produce?

2) Since a given society decides to produce its own consumer goods, then a set a of questions arises following that: What to produce.

It's consumer goods like notebooks, how should they be produced? Or Imported? which amount?

Following that then the other questions should be immediately answered.

In Economics, these questions are vital.

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Oxana [17]

Answer:

Explanation:

start doing math

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2 years ago

Shawn Company had 130 units in beginning inventory at a total cost of $13,650. The company purchased 260 units at a total cost o

Katarina [22]

Answer:

FIFO

cost of the ending inventory = $15,680

cost of goods sold = $39,570

LIFO

cost of the ending inventory = $10,290

cost of goods sold = $44,960

Average Cost Method

cost of the ending inventory = $13,883.37

cost of goods sold = $41,336.76

Explanation:

The cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost are calculated as follows :

Step 1 : Determine the Number of units sold

Number of units sold = Total units available for sale - Ending units

= 390 units - 98 units

= 292 units

Step 2 : Determine the Number of units in inventory

Number of units in inventory = 98 units (given)

Step 3 : Use the appropriate principles to calculate required values

FIFO

cost of the ending inventory = 98 x $160 = $15,680

cost of goods sold = 130 units x $105 + 162 units x $160 = $39,570

LIFO

cost of the ending inventory = 98 x $105 = $10,290

cost of goods sold = 260 units x $160 + 32 units x $105 = $44,960

Average Cost Method

Unit Cost = ($13,650 + $41,600) ÷ 390 units = $141.667

therefore,

cost of the ending inventory = 98 x $141.667 = $13,883.37

cost of goods sold = 292 units x $141.667 = $41,336.76

3 0

3 years ago

What is the distinction between cross-sectional data and time-series data?

AleksAgata [21]

Answer:

B. Cross-sectional data provides information about economic behavior at an instant in time, while time-series data provides information about how an economic variable behaves over time.

Explanation:

There are two types of data, transverse data and time series data. Cross-sectional data is data that exists at a single point in time. For example, data from an observational survey or sales from a firm. Time series data are data that require intertemporal analysis, such as a country's inflation and GDP data, which should be analyzed for evolution. In other words, time series data are analyzed in a manner dependent on the previous period. Current month's inflation depends on the previous month's inflation analysis.

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3 years ago

Daniel has decided to open his own bakery using locally sourced ingredients and supplies. He provides income and jobs to local s

exis [7]

Answer: The invisible hand

Explanation: Invisible hand can be defined as those unobservable market forces which helps the forces of demand and supply to reach to an equilibrium level.

In the given case, Daniel is giving work to local suppliers and jobs to residents as well as producing demand in the market by its products, thus, we can conclude that the given case is an example of invisible hand.

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3 years ago

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Answer:

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2 years ago