Economic Activities are the actions related to the production, distribution, and exchange of goods and services. So for an evening news bulletin on TV or radio, some examples are:
- The service of the reporters who research a story and check facts
- The cost of paper and materials used in the newsroom
- The equipment that establishes a TV or radio signal and broadcasts it out to people
- Cable service or radios that are purchased in order to hear/see the news
<span>The national incident management system is
Answer:</span>
<span>The National Incident Management System (NIMS)
is a systematic, proactive approach to guide departments and agencies
at all levels of government, nongovernmental organizations, and the
private sector to work together seamlessly and manage incidents
involving all threats and hazards.</span>
Answer:
The interest is $189.78
Explanation:
The computation of the interest on January 20 is shown below:
= Principal × interest rate × number of days ÷ total number of days in a year
= $7,000 × 8% × 122 days ÷ 360 days
= $7,000 × 8% × 0.338
= $189.78
The 122 days are calculated below:
September - 10 days
October - 31 days
November - 30 days
December - 31 days
January - 20 days
Total - 122 days
And we assume the 360 days in a year
Answer:
The concept of economic profit ....... <u>alternative</u> two options.
If economic profit is positive .......... <u>Current </u>option.
If economic profit is negative............ <u>Other </u> option
Explanation:
Economic Profit is the excess of revenue associated with an option, over its costs (explicit external & implicit opportunity costs).
Example : Revenue - Direct explicit cost of production - opportunity cost (like interest on money invested, salary of job left foregone).
The concept is used to make decision between two<u> alternative</u> options. Given, zero economic profits imply indifference.
Positive Economic Profit implies - one should choose<u> Current </u>option, as it will make <u>Better off </u>, having more benefit than other option
Negative Economic Profit implies - one should choose <u>Other </u> option, as it wil make better off, having more benefit than the former considered option.
