Which situation best illustrates the concept of scarcity?

Look at the examples, and then determine which type of advantage each one describes.

lara [203]

Answer:

1) If a producer can provide cable service more cheaply than another producer, it is an absolute advantage.
2) If a producer can produce salads while giving up fewer opportunities to make sandwiches than another producer, it is a comparative advantage.

3) If a producer can create more car parts than another producer does, using the same number of resources, the price per unit is cheaper and it is an absolute advantage.

Absolute advantage is the ability of a person, a country, company or region to produce a good or service at a cheaper price per unit than another entity producing the same good or service.

Comparative advantage is the ability of a person, a country, company or region to produce a specific good or service more efficiently (lower opportunity cost) than another entity to produce the same good or service.

4 0

3 years ago

Read 2 more answers

5) "Once a business develops a solid information system to meet its needs, that system will serve the business for at least 25 y

uysha [10]

Answer:

This is not correct, as the information systems in this age are rapidly transforming, due to artificial intelligence and IoT.

8 0

3 years ago

Lacey Company prepared the tabulation below at December 31, 2022. Net Income $310,000

valentinak56 [21]

Answer:

Net cash provided by operating activities is $325,000.

Explanation:

Lacey Company

Cash Flow Statement (Operating Activities Only)

December 31, 2022.

Details Amount ($)

Net Income 310,000

Depreciation expense 45,000

Increase in accounts receivable (55,000)

Decrease in inventory 12,000

Increase in accounts payable 6,000

Increase in prepaid expenses (4,000)

Decrease in income taxes payable 3,500

Gain on disposal of land 7,500

Net cash provided (used) by operating activities  325,000 

5 0

3 years ago

The modified accelerated cost recovery system (MACRS):Multiple ChoiceIs required for financial reporting.Does not allow partial

fredd [130]

Answer:

Therefore, the modified accelerated cost recovery system (MACRS): is included in the U.S. federal income tax rule for depreciating assets.

Explanation:

The U.S. federal income tax rules for depreciating assets is the modified accelerated cost recovery system (MACRS). It is the current system allowed in the nation of the United States for tax computation deductions on account of depreciation for depreciable assets (other than intangible assets).

Therefore, the modified accelerated cost recovery system (MACRS): is included in the U.S. federal income tax rule for depreciating assets.

6 0

3 years ago

_____ is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits.

Umnica [9.8K]

Answer:

(A). Customer value

Explanation:

For a customer to obtain value or benefit from using a product, he or she must first make a sacrifice, such as the amount of money spent or time taken to purchase the product.

Customer value refers to that benefit the customer gets from using the product, compared to the sacrifice the customer makes to get it.

3 0

3 years ago