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3 years ago

List the three basic economic systems. How does each answer the basic economic questions?

Business

1 answer:

Mama L [17]3 years ago

7 0

Answer:

command economy, market economy and traditional economy

Explanation:

in the command economy the government answer the question of what to produce, how to produce and to whom. the government determines investment and income.

in the market economy: the economy decision of investment and income, production and distribution is determine by the price according to the law of demand and supply

traditional economy: is an economic system that is signaled by the custom, belief and traditions of the people which influences goods and services the economy produces, how it is produce and who uses the product.

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Classify each resource used in production as land, labor, capital, or entrepeneurs.

sveticcg [70]

Answer:

1. Aunt Sandy's Jammin' Jellies (the business) - Entrepreneurs

Entrepreneurship refers to the process of bringing together the various other factors of production to be able to produce goods and services. Aunt Sandy's as a business is an entrepreneur as it brought together factors of production to make Jellies.

2. Anika, a server at Sonic Drive-In - Labor

Labor refers to the actual people who contribute to the business. Anika is a server at the Drive- In and so works there contributing to the success of the business so she is Labor.

3. Your favorite bartender - Labor

Like Anika above, your favorite bartender is also a person contributing to the success of the bar so is considered labor.

8 0

4 years ago

A company normally sells its product for $20 per unit. However, the selling price has fallen to $15 per unit. This company's cur

Paha777 [63]

Answer:$2

Explanation:

A company normally is expected to value it's inventory at the lower of cost or net realisable value. The cost price is the price on purchase of the inventory while the net realisable value is selling price less cost of sales and cost to completion.

The amount of the lower cost of market adjustment the company must make, is the difference between the new selling price of $15 and net realisable value of $13 which is $2.

6 0

3 years ago

Read 2 more answers

Arthur Corporation has a margin of safety percentage of 25% based on its actual sales. The break-even point is $290,400 and the

timurjin [86]

Answer:

$53,240

Explanation:

We know that,

Break even point = Fixed cost ÷ contribution margin ratio

$290,400 = Fixed cost ÷ 55%

So, the fixed cost = $290,400 × 55% = $159,720

As the variable expense is 45% and we assume the sales is 100%, so the contribution ratio would be 100% - 45% = 55%

Now the margin of safety equal to

= (Expected sales - break even sales) ÷ (expected sales) × 100

25% = (Expected sales - $290,400) ÷ (expected sales) × 100

25% Sales = (Expected sales - $290,400)

So, the expected sales would be

= $290,400 ÷ 75%

= $387,200

Now the actual profit equals to

= Sales - variable expenses - fixed cost

= $387,200 - $174,240 - $159,720

= $53,240

The variable expense is computed below:

= $387,200 × 45%

= $174,240

4 0

3 years ago

In addition to the positive welfare effects that free trade has on an economy, there are a variety of other benefits of internat

vodomira [7]

Answer:

B. Increased competition

Explanation:

Free trade is an economic policy where there are no restrictions to imports or export of goods and services.

Before the free trade, Sapphira had market power. She could set the price of her products. She would probably set her prices high enough to maximise profits.

Due to free trade which introduces more products to the market, sapphira is no longer able to set her prices as high as she used to. If her price is too high, consumers would not purchase her products.

This is an example of increased competition.

I hope my answer helps you

3 0

3 years ago

In New Guinea, tribes that had been isolated for centuries were found that _______________.

amid [387]

Answer:

a. had a large number of sophisticated language systems

Explanation:

The indigenous tribes of the New guinea are Melanesian and Austronesian people and speak Papuans and they are the rarest of the newly evolves tribal population.

As they have migrated and have a larger sense of the linguistics diversity as the lands were separated from other landmasses till date there are more than 312 tribes on the western side of the inland.

3 0

4 years ago