Answer:
1. For whom to produce
Explanation:
One of the basic economic problem of the society is "For whom to produce". this means determining the target of production effort, who and who will get what. In this question the target of production is students struggling in math.
The price system allocates the output of production effort in a free market economy while the government through the central planning committee allocates resources in a socialist economy.
Apart from the question of For whom to produce, other fundamental problem of society are, what to produce and how to produce.
Answer:
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Explanation:
Answer:
The accounts receivable amount expected to be collected after the write-off entry was $390,500.
Explanation:
Account Receivable Balance = $423,000
Less: Allowance Account Balance = $32,500
New Account Receivable Balance = $390,500
Since the write off entry was not made and there is an account for allowance of uncollectible account so at that the entry was made as follows:
Debit: Account Receivable $32,500
Credit: Uncollectible account expense $32,500
To record uncollectible expense.
Since we are certain that $32,500 will not received and recorded as bad debt so we simply deduct this amount from account receivable balance to derive new balance as shown above.
Answer:
Positive; Positive
Explanation:
The specific factors model was developed by Paul Samuelson and Ronald Jones where labor is defined as a mobile factor while land is specific factor.
In the specific factors model, the effects of trade on welfare overall are positive and for fixed factors used to produce the exported good they are positive."
Answer:
Allocative efficiency is about distributing or allocating resources in the best possible manner. E.g. in order to fight the current pandemic, more resources ($) is allocated to different health care institutions.
Productive efficiency is about how a company or a person uses the resources that it has in order to produce the greatest amount of benefits at the lowest possible cost. E.g. in a hospital, if a doctor is able to treat 15 patients per day, his/her productive efficiency will be higher than another doctor that only treats 10 patients per day.