If the price of labor falls, the supply of goods rises and the prices of those goods fall.
If labor costs go down, it will cost less for a business to make products so they will make more and supply will go up. When supply goes up, prices tend to fall.
True............................
Answer: b. Services, marketing intermediaries, and manufacturing
Explanation:
The three types of businesses today;
- Services - Service companies sell intangible goods otherwise known as services to people who will derive value from them. As such they are highly focused on customer satisfaction which leads to them employing individuals with the knowledge and experience to provide services. Examples include; Accounting firms, law firms, etc
- Marketing Intermediaries - These are the middle men in the market. The facilitate the flow of goods from the producer/ supplier to the end user. They include: agent, wholesalers, retailers, financial institutions etc.
- Manufacturing - Manufacturing businesses are those who produce the goods that we use today. They are most probably the biggest and most valuable of the 3 types as they comprise of all goods manufactured in the market including technology, commodities, construction, automobiles and the like.
Company
Dec. 31. 2016
Assets
Cash- $191,600
Dec. 31. 2015
Assets
Cash- $204,000
Goods sold for 2016- $724,000
Liabilities
Dec. 31.2016
Accounts Payable- $88,000
Liabilities
Dec. 31. 2015
Accounts payable- $83,600
In order to find the company's total amount of cash payments for 2016, you find the minus the previous assets with the new assets..
Ex. $191,600 - $204,000 = -12,400
Then minus your answer with Goods Sold in 2016
Ex. $724,000 - $12,400 = $711,600
Then, minus the pervious amount of Accounts payable with the new Accounts Payable
Ex. $88,000 - $83,600 = $4,400
New payments for 2016-
Ex. Add $88,000 + $83,600 = $171,600
Then, $171,600 - $4,400 = $167,200
Thus, $167,200 equals the company's total amount of cash payments 2016.
<span>The following statements is true of a mission statement:
</span><span>e. A well-developed mission statement, no matter what the industry or size of business, will answer five basic questions.
</span><span>d. A mission statement seeks to answer the question: "Why should you finance our business?"
</span><span>c. A good mission statement is a complex, detailed statement that explains how the organization will contribute to its specific industry.</span>
