Answer:
best combination of resources to use to produce a product.
Explanation:
Capitalism also referred to as free-enterprise system or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, capitalism is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.
Simply stated, a pure capitalism is a type of economy that is completely driven by demand and supply of goods and services.
In a society, the role of an entrepreneur is mainly focused on bringing the four (4) factors of production together and take the risks of producing output, so as to generate revenue through sales and make economic profits in the long-run.
Hence, the profit and loss system of capitalism helps entrepreneurs determine best combination of resources to use to produce a product.
<span>Good communication skills, including evaluation and text. Self-motivation and freedom, as well as a faith that they have control over their own achievement. Strong sense of task of gathering deadlines.</span>
<span>No, Ruth may not sell in the office but may contact subordinates after hours.
As fema Supervisor, Ruth has the obligation to maintain overall Fema Operations during her work hour.
After she finished her shift on the other hand, Ruth has the right to conducting her own business.</span>
Based on Woods, Inc. revenue and expenses, the balance in the Income Summary Account would be B. balance of $0.
<h3>What would be the balance in the Income Summary Account?</h3>
There would be a credit of $16,000 from revenue. This would then be reduced by the debit of expenses to:
= 16,000 - 5,500
= $10,500
This $10,500 would then be credited to the Retained earnings account which would leave nothing in the Income summary account.
In conclusion, option B is correct.
Find out more on the Income account at brainly.com/question/24778422.
Answer:
Material Purchased in the Period
Explanation:
The costs of goods sold, abbreviated as COGS, represents the direct costs incurred in manufacturing products meant for sale in a particular period. The direct cost includes material, labor, and overheads incurred in manufacturing or purchasing products sold in that period.
The formula for calculating COGS
COGS = opening inventory + purchases -ending inventory
Adding opening inventory and purchases results in the total quantity available for sale in the period.
