All categories

3 years ago

What are the function of an economic system

Business

1 answer:

densk [106]3 years ago

3 0

Answer:

The four main functions of an economic system are,

a). Production: This is concerned with hat goods and services will be produced in the economy.

b). Allocation: This is concerned with how these goods will be produced, that is using labor intensive technology or capital incentive technology.

c). Distribution: This is concerned with whom the goods are produced, that is how the share of the economic pie will be distributed.

d). Regeneration: This function is concerned with allocating resources between consumption for present use and investment for future use.

You might be interested in

On a shopping trip, Melanie decided to buy a light blue coat made from woven fabric. A tag on the coat stated that the price wa

ra1l [238]

Answer:

Consumer surplus is $15.99.

Explanation:

Melanie decided to buy a coat priced $79.95.

When she brought a coat to the sales clerk, she found out that it is on a 20% discount and she has to $15.99 less than the original price.

This means that her consumer surplus is at least $15.99.

The consumer surplus is the difference between the maximum price a consumer is willing to pay and the price it actually pays.

Melanie was willing to pay $79.95. But she actually paid $63.96. The difference between the two is $15.99.

6 0

3 years ago

g The Nite Lite Factory produces two products - small lamps and desk lamps. It has two separate departments - finishing and prod

almond37 [142]

Answer:

$7.20

Explanation:

Given the following :

FINISHING department :

overhead budget = $550,000

direct labor HOURS = 500,000

PRODUCTION department :

overhead budget = $400,000

direct labor hours = 80,000

Predetermined allocation rate for finishing department :

Overhead / allocation base = ($550,000 / 500,000) = $1.10 per direct labor hour

Predetermined allocation rate for production department :

Overhead / allocation base = ($400,000 / 80,000) = $5 per direct labor hour

If the budget estimates that a desk lamp will require 2 hours of finishing and 1 hour of production:

Finishing department :

(2 × Predetermined allocation rate for finishing department)

= (2 × $1.10) = $2.20

Production :

(1 × Predetermined allocation rate for production department)

= (1 × $5). = $5

Total = ($2.20 + $5) = $7.20

3 0

3 years ago

Oscar's store is open from 6am to 8pm daily. oscar contracts to purchase merchandise from consolidated enterprises and their del

N76 [4]

NO. Consolidated has not tendered delivery.

<span>Tender of delivery means that the seller offers the goods to the buyer by putting or holding them at the disposition of the buyer. Seller also gives the buyer some notification reasonably necessary for taking delivery.
</span>
In this case, Oscar is open 6 am to 8 pm daily. Delivery arrived at 10 pm where no one is there to accept the delivery. Only until Oscar or anybody that is authorized by Oscar to accept delivery is actually in the premises to receive the goods being delivery will Consolidated be able to tender delivery.

3 0

4 years ago

What are some ways to make money through investing in real estate.

UNO [17]

There are a few ways that you can make money in real estate:

CHARGE RENT:
If you own a house, hotel, mobile home, or land that is unused, charge people rent to use your facility/property.

BUSINESS OPERATION:
Why not start a car wash, convenience store, or a retail store? That's extra income that you have access to!

FLIP HOUSES:
You can easily flip a house by buying any old/run-down house and upgrading it. A profit is almost guaranteed.

7 0

3 years ago

5. What is the incentive for saving?

m_a_m_a [10]

Answer:

For future benefits

Explanation:

Through saving when one is in need of money they can use it to satisfy their wants

8 0

3 years ago