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zvonat [6]
3 years ago
12

Page(s) 9-10 1.2. What are five foundations of economics? Place the events in order to describe the unintended consequences of a

government-created incentive. Start by clicking the first item in the sequence or dragging it here Drag the items below into the box above in the correct order, starting with the first item in the sequence. People begin breeding cobras to turn in, which is easier than hunting them. Some bred cobras escape. A certain area has a problem with cobras, which are poisonous. The government announces a reward for every captured cobra turned in. The area has more free cobras than before.
Business
1 answer:
juin [17]3 years ago
4 0

Answer: Please refer to Explanation.

Explanation:

1. The five (5) principles of Economics are,

a) Incentives

- Divided into 2, groups being positive and Negative, Incentives help in the decision process as they push a person to do something. An example of a negative incentive, is not commiting crime for fear of going to jail.

b) Tradeoffs

- This means that for everything we do, we had to give up something to do it. In other words there is no such thing as a free lunch.

c) Opportunity Cost

- This is what you would have gained had you picked the next best alternative to a decision. The trick therefore, is to pick a decision that has a lower Opportunity Cost than the decision picked.

d) Marginal Thinking.

- This rationalizes the decision making mechanism of people. It posits that humans evaluate courses of actions individually to ascertain if their costs outweigh their benefits before picking them.

e) Trade Creates Value

- Trade is the buying and selling of goods and services. It is a very basic principle at the heart of Economics that trade creates value because people are both able to get what they need to function better.

2. Arranging the events in chronological order.

- A certain area has a problem with cobras, which are poisonous.

- The government announces a reward for every captured cobra turned in.

- People begin breeding cobras to turn in, which is easier than hunting them.

- Some bred cobras escape.

- The area has more free cobras than before.

This shows that sometimes incentives may not work to the benefit of Society.

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Swift Company was organized on March 1 of the current year. After five months of start-up losses, management had expected to ear
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A new income statement for August for Swift company is shown below.

Also, since the president has asked you to check over the income statement and make a recommendation as to whether the company should look for a buyer for its assets.

My recommendation would be to not buy.

                                            Swift Company

                                         Income Statement

                               For the Month Ended August 31

Particulars                                                   Amount (in $)    Amount (in $)

Sales ..............................................................                          450,000

Cost of goods sold:

Finished goods inventory, August 1 ...............  40,000

Add: Cost of goods manufactured ................. <u>310,000 </u>

Goods available for sale ................................ 350,000

Deduct: Finished goods inventory, August 31..<u> 60,000</u>            <u> 290,000 </u>

Gross margin ..................................................                         160,000

Selling and administrative expenses .................                      <u>142,000</u>

Net operating income......................................                           18,000

Sam failed to distinguish between product costs and period costs when preparing the August income statement, and he also failed to recognize changes in inventories between the beginning and end of the month.

Once these errors are corrected, the company's financial situation looks much better, and selling the company may not be a good idea.

Hence, my recommendation would be not to buy.

Learn more about income statement:

brainly.com/question/24498019

#SPJ4

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