Answer:
Even when competitive firms are unable to calculate marginal revenue product directly, <u>competition in the labor market</u> will push wage rates toward the marginal revenue product of labor.
Explanation:
The labor market is made up of employers seeking for labor and employees offering their labor services. The law of supply and demand also applies to this market, when more employers are seeking employees, the price (= salary) will increase.
For example, if many companies are making a profit and they need more labor, the salaries will rise because the demand is rising.
Also the suppliers, the potential employees, compete against each other for the best possible jobs.
Answer:
1. estimate the quantity of raw materials to be purchased.
2. ending raw materials inventory for the last period.
Explanation:
A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis.
The first step of the budgeting process is to prepare a list of each type of income and expense that will be part of the budget.
The final step by the management of an organization in the financial decision making process is making necessary adjustments to the budget.
The benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.
1. The purpose of preparing a direct materials budget is to estimate the quantity of raw materials to be purchased. This includes the raw materials that would be used for the manufacturing of finished goods.
2. In a direct materials budget, the desired ending raw materials inventory for the year is equal to the ending raw materials inventory for the last period.
Answer:
Oscar Lewis’s "culture of poverty" is usually interpreted as blaming the poor people for being poor. It's like, you are poor because you decide to be poor, and Cho (and I) believe that it is not true.
While Mario Luis Small believed that someone doesn't have or belongs to a culture just because his or her race, ethnic group or gender. His work relates to how environmental, socio-cultural conditions influence poor neighborhoods and their residents.
Answer:
The account that includes transactions like imports and exports, income earned by Americans abroad, and net transfers to other countries.
Explanation:
A current account can be defined as an account that record the different transactions a country carries out with another country. A current account comprises of net primary income, earnings from foreign investors that have occurred within a particular period of time.
Almost all countries are involved in trading of goods and services with another country, a current account helps to evaluate the manner in which a particular country traded their different goods with foreign markets.There tends to be a postive balance of a country exports more goods than it imports.
