The North American Industry Classification System (NAICS) designates industries with a numerical code in a defined structure. A
six-digit coding system is used. The third digit designates ____ (A) an industry subsector.
(B) an industry group.
(C) a specific industry.
(D) an individual country-level national industry.
(E) a sector of the economy.
The North American Industry Classification System (NAICS) is a standard to classify businesses for census purposes. In a 6 digit coding system each digit represents a category
The first two digits designate the economic sector,
the third digit designates the subsector,
the fourth digit designates the industry group,
the fifth digit designates the NAICS industry,
the sixth digit designates the national industry.
All these details and more are explained in the US census website: https://www.census.gov/eos/www/naics/
With respect to binding Frakking Mining to contracts, Emery is: B. an agent and has the authority.
<h3>What is contract?</h3>
A contract can be defined as an agreement between two or more parties in which the parties involve tend to agreed to the terms and condition of the contract.
Hence, if Emery serves in a representative capacity for Frakking's Mining Corporation owners with regards to binding Frakking Mining to contracts, Emery is will be an agent and tend to have the authority.
Implicit cost refers to economic costs that are not directly attributed to the business but are nevertheless important in making informed decisions. In this case the opportunity costs are implicit cost. They are:
Salary forgone which should have been earned at another job, and
Most likely, Mary would be charged a higher amount of interest for missing payments, and would be charged more and more the if she continued to miss payments.
d. Making choices based on comparing marginal benefits with marginal costs
Explanation:
Opportunity Cost Marginal Analysis in Economics helps managers to understand the idea of opportunity cost in making an additional input for output. Presume a manager realizes that there is space in the budget to employ an additional worker. Marginal analysis tells the manager that an additional worker provides net marginal benefit or not and the manager then decides if to hire one more worker or forgo it for an alternative.
